WASHINGTON, JANUARY 18, 2021: US President-elect Joe Biden Monday named Indian-American Rohit Chopra as the head of a federal agency tasked with protecting the interests of consumers financials.
If confirmed by the Senate, Rohit would be succeeding Kathleen Laura Kraninger as Director of the Consumer Financial Protection Bureau.
The bureau regulates the offering and provision of consumer financial products or services under the federal consumer financial laws and educates and empowers consumers to make better informed financial decisions.
Currently, Rohit Chopra is a Commissioner on the Federal Trade Commission. He has actively advocated promoting fair, competitive markets that protect families and honest businesses from abuses.
He previously served as Assistant Director of the Consumer Financial Protection Bureau, where he led the agency’s efforts on student loans. In 2011, He was appointed as the CFPB’s Student Loan Ombudsman, a new position established in the financial reform law, by the Secretary of the Treasury. He also served as a Special Advisor at the US Department of Education.
“Our administration will hit the ground running to deliver immediate, urgent relief to Americans; confront the overlapping crises of COVID-19, the historic economic downturn, systemic racism and inequality, and the climate crisis; and get this government working for the people it serves,” Joe Biden said.
“These tireless public servants will be a key part of our agenda to build back better — and I am confident they will help make meaningful change and move our country forward,” he said in a statement.
“To meet the unprecedented challenges facing the American people, we will need deeply experienced and knowledgeable leaders across our administration,” said Vice President-elect Kamala Harris.
“These remarkable public servants reflect the very best of our nation, and they will help us contain this pandemic, create an economy that works for working people, and rebuild our country in a way that lifts up all Americans. President-elect Biden and I look forward to working with them to deliver results for the American people,” she said.