Joe Biden announces appointments to financial regulator
Joe Biden’s transition team announced a series of nominations on Monday, exploit more Obama-era officials being the former financial regulators of veep.
Gary Gensler will be Biden’s candidate for head of the Securities and Exchange Commission, according to his campaign.
Gensler headed the Commodity Futures Trading Commission under the Obama administration from 2009 to 2014 and was instrumental in introducing more regulation for banks after the global financial crisis.
Sources told the Post last week that Biden appealed to Gensler after the Democrats’ surprise Senate victory in the Georgia runoff, allowing Biden to favor the more progressive candidate.
Meanwhile, Rohit Chopra was asked to head Biden’s Office of Consumer Financial Protection after serving as Federal Trade Commission commissioner under President Trump.
Chopra was previously deputy director of the office where he led the agency’s efforts on student loans.
Chopra openly criticized the growing level of student debt in the United States and released a report in 2017 that showed one million Americans were in default on their loans the year before.
As president, Biden is expected to take action to write off some of the country’s $ 1.6 trillion federal student loan debt.
“These tireless officials will be a key part of our agenda to Build Back Better – and I have no doubts that they will help bring about meaningful change and move our country forward,” Biden said in a statement.