United States President-elect Joe Biden appointed on Monday Gary Gensler (pictured) as chairman of the Securities and Exchange Commission and Rohit Chopra as the Consumer Financial Protection Bureau chief.
Gensler, 63, is a former chairman of the Commodity Futures Trading Commission and is remembered for his commitment to derivatives regulation during Obama's presidency. Thirty-eight-year-old Rohit Chopra has previously served as a Federal Trade Commission member.
Both candidates for the two key governmental institutions that oversee the banking industry are heavily backed by progressive Democrats, which signals that the Biden administration is looking to toughen regulations and pressure firms into disclosing their investments in politics, climate change, and diversity & inclusion. The nominees will be able to start work if and after they are confirmed by the US Senate.
