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U.S. Senate may vote soon on Chopra’s move to CFPB By Reuters


© Reuters. FILE PHOTO : This sign can be seen at Washington, D.C., U.S.A, Consumer Financial Protection Bureau (CFPB), headquarters, on May 14, 2021. REUTERS/Andrew Kelly

WASHINGTON (Reuters) – U.S. Senate Majority Leader Chuck Schumer told lawmakers on Tuesday that he will begin the process of bringing Rohit Chopra’s nomination to lead the Consumer Financial Protection Bureau to the floor for a vote.

Schumer spoke highly of Chopra’s long-standing commitment to protecting middle class students and those in financial institutions.

Chopra currently serves on the Federal Trade Commission. The five-member commission would be left with two Democrats, two Republicans and Chopra. Three members must vote in favor of a proposal to move forward. Alvaro Bedoya is the privacy advocate.

In March, Chopra was nominated to the CFPB by the U.S. Senate Banking Committee 12-12. Chopra had already been unanimously confirmed as an FTC commissioner in 2018.

The progressives view both the financial regulators and the FTC commissioners to be key in pushing forward policy directives on climate change, racial justice, and other issues. The CFPB, which was established following 2009’s financial crisis has become a political lightning bolt. While the CFPB is beloved by Democrats because it acts as a watchdog for ordinary Americans, Republicans view it as unaccountable and too powerful.

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