US

Joe Biden announces financial regulator appointments

Joe Biden announces financial regulator appointments

Joe Biden’s transition team announced a slew of appointments on Monday, tapping more Obama-era officials to be the former veep’s financial regulators.

Gary Gensler will be Biden’s nominee to lead the Securities and Exchange Commission, his campaign said.

Gensler led the Commodity Futures Trading Commission during the Obama administration from 2009 to 2014 and was critical in bringing more regulation to banks after the global financial crisis.

Sources told The Post last week that Biden tapped Gensler following Democrats’ surprise win of the Senate during the runoff elections in Georgia, allowing Biden to favor the more progressive candidate.

Meanwhile, Rohit Chopra was tapped to head Biden’s Consumer Financial Protection Bureau after serving as the Commissioner of the Federal Trade Commission under President Trump.

Chopra previously served as assistant director at the bureau where he led the agency’s efforts on student loans.

Chopra was outspoken critic about the mounting level of student debt in the United States and released a report in 2017 which showed 1 million Americans defaulted on their loans the year prior.

As president, Biden is expected to take action to forgive some of the nation’s $1.6 trillion federal student loan debt.

“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,” Biden said in a statement.

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James Thompson has worked in various news organizations and now aims to make Report Door one of the best and fastest growing news websites in the U.S. He contributes to the US and World sections.

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