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Senate confirms that Biden has chosen to lead a consumer watchdog

Washington – The Senate narrowly approved the choice of President Joe Biden, who runs the Consumer Financial Protection Bureau, on Thursday, as aggressively “surveillance” as it was under former President Barack Obama. Given a director who is likely to play the role of.

Locht Chopra’s nomination was approved 50-48, and Vice President Kamala Harris had previously had to vote for a tiebreaker to end the debate. Republicans united against Chopra.

Prior to his approval, Chopra held one of the Democratic seats of the Federal Trade Commission and often used his position to publicly issue higher penalties and enforcement for companies found to have committed fraud. Insisted. The Senate, then managed by GOP, unanimously confirmed Chopra in his FTC Commissioner’s work in 2018.

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Chopra, 39, was there at the beginning of the bureau, which was brought in by Professor Elizabeth Warren of Harvard University at the time to help launch the bureau. He held several high-ranking positions at the CFPB during the Obama administration, including top jobs dealing with student loan issues.

“He will be a great champion for consumers and a fearless leader for the bureau,” Warren, a US Senate Democrat in Massachusetts, said on Twitter after being confirmed.

Chopra has been the third permanent director of the CFPB since the bureau was established by the Dodd-Frank Act, and after the 2008 financial crisis, a law was passed that renewed banks and the entire financial system. Biden asked Biden to resign on the first day of his inauguration, when former President Donald Trump chose to run the bureau.

During the Trump administration, the CFPB drastically reduced both the number and scale of its enforcement measures, pushing concerns such as fair lending to a much smaller position within the bureau. This was in stark contrast to the Obama administration’s aggressive fines from banks and credit card companies, which returned billions of dollars in damages to borrowers.

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Biden’s choice for CFPB’s deputy director, Dave Uejio, took advantage of his position to significantly return the bureau to its original mission. Uesio said in an email to bureau officials sent shortly after Chopra’s confirmation that he hopes to start working later next week after Chopra resigns from his FTC position.

Chopra said his first focus as a director was on the economic impact of the coronavirus pandemic. Today, millions of Americans face the potential for eviction and foreclosure of peasants due to the unemployment caused by the pandemic.

Uesio uses some of his power, especially the role of the bureau overseeing debt collectors and mortgage servicers, to keep as many people home as possible. However, Uesio’s efforts were constrained by his temporary role in the bureau.

He also said in a confirmation hearing that he sees privacy issues and how banks use algorithms to determine lending methods as other areas that they may focus on as directors.

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Republicans have long opposed ideology because the CFPB is made up of a single board of directors and is funded through the Federal Reserve System rather than the traditional parliamentary spending process. The criticism was somewhat softened when Kleininger operated the bureau for a more business-friendly approach.

“I’m seriously concerned that Chopra will return the CFPB to a lawless and over-politicized institution during the Obama administration,” said Senator Pat Toomey of Pennsylvania, a Republican member of the Senate Banking Commission. Senator said in a counter-speech. name.

Copyright 2021 AP communication. all rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.

Senate confirms that Biden has chosen to lead a consumer watchdog

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