WASHINGTON: US President-Elect Joe Biden On Monday, Indian-American Rohit Chopra named the head of a federal agency charged with protecting the interests of consumers’ finances.
If confirmed by the Senate, Chopra would succeed Kathleen Laura Kraninger as Director of the Consumer Financial Protection Agency.
The agency regulates the offering and delivery of consumer financial products or services under federal consumer financial laws and provides education and empowerment for consumers to make more informed financial decisions.
Chopra is currently a Commissioner with the Federal Trade Commission. He has actively advocated promoting fair, competitive markets that protect families and honest businesses from abuse.
He was unanimously confirmed by the Senate in 2018 and has pushed for aggressive action against violations of the law, particularly repeat offenders. He has worked with national and international law enforcement partners to better control dominant technology companies that pose risks to privacy, national security and fair competition, the transition said.
Chopra was previously an assistant director of the Consumer Financial Protection Bureau, where he led the agency’s efforts student grants. In 2011, the Minister of Finance appointed him the Student Loan Ombudsman of the CFPB, a new position enshrined in the Financial Reform Act. He also served as a special adviser to the United States Department of State Education.
In these roles, Chopra led efforts to drive competition in the student loan finance market, develop new tools for students and student loan borrowers to make smarter decisions, and repay hundreds of millions of dollars for borrowers who have become victims of illegal behavior. borrowers, debt collection agencies and for-profit college chains.
Chopra’s announcement came along with Biden citing several important administrative positions. These include Elizabeth Klein as Deputy Secretary of the Interior; Dr. Jewel Bronaugh as Deputy Secretary of Agriculture; Andrea Palm as Deputy Secretary of Health and Human Services; Polly Trottenberg as Deputy Secretary of Transport; Cindy Marten as Deputy Secretary of Education; and Gary Gensler as Chairman of the Securities and Exchange Commission.
“ Our government will take off to provide immediate and urgent assistance to the Americans; face the overlapping crises of COVID-19, the historic economic downturn, systemic racism and inequality and the climate crisis; and get this government to work for the people it serves, ”Biden said.
“These tireless officials will be an important part of our agenda to build back better – and I am confident they will help bring about meaningful change and move our country forward,” he said in a statement.
“To meet the unprecedented challenges facing the American people, we need highly experienced and knowledgeable leaders across our administration,” said Vice President-elect Kamala Harris.
“These remarkable officials reflect the very best of our nation, and they will help us manage this pandemic, create an economy that works for working people, and rebuild our country in a way that elevates all Americans. President-elect Biden and I Watch Look forward to working with them to bring results for the American people, ”she said.