Biden Taps Gensler as SEC President, Chopra CFPB Head of FFT

In 2013, Gary Jenner.

Photographer: Andrew Harrer / Bloomberg

President-elect Joe Biden has picked up a pair of veteran veterans backed by progressive Democrats to lead two major Wall Street watchdogs, indicating that his administration is undergoing four years of light-hearted policies under President Donald Trump’s appointment The latter is planning a rigorous inspection.

Former Commodity Futures Trading Commission chairman Gary Gensler will be nominated to lead Securities and Exchange Commission and Federal Trade Commission member Rohit Chopra is being tapped to lead Consumer Financial Security Bureau, according to people familiar with the decision.

The elections seek to see a sharp departure from trade-friendly policies advanced during the Trump administration after weeks of conflict over financial regulation positions between liberal Democrats and the party’s left parties. They are bad news for the banking industry, which has been prepared for the possibility of stricter regulations since Biden was elected in November.

63-year-old Gensler belongs to East Goldman Sachs Group Inc. partner, who gained fame as Wall Street when he engaged in battles advancing derivatives regulation at the CFTC during the Obama administration. Chopra, 38, is an acolyte of Senator Elizabeth Warren of Massachusetts who helped him establish the CFPB before going to office.

Both nominations will be subject to Senate confirmation, and the SEC and the CFPB are likely to be under interim leaders until the process is completed.


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