U.S. President-elect Biden will appoint two senior regulators strongly supported by Democratic liberals to lead two key Wall Street regulators, which indicates that the Biden administration will reverse Trump’s policies on Wall Street over the past four years and decide to tighten regulatory measures.
Gary Gensler, former chairman of the Commodity Futures Trading Commission (CFTC), will be nominated to lead the SEC, and Rohit Chopra, a member of the Federal Trade Commission, according to Bloomberg, citing people familiar with the matter.
Chopra) to be nominated as Director of the Consumer Financial Protection Bureau (CFPB).
Genssler, 63, a former partner of Goldman Sachs Group, served as chairman of the U.S. Commodity Futures Trading Committee under Obama’s presidency, when he radically reformed the regulatory measures of derivatives that triggered the financial crisis.
Chopra, 38 years old, is the right-hand man of Democratic Senator Warren of Massachusetts.