Dayton Daily News

Watchdog pick makes debut in nomination

- By Ken Sweet

President Joe WASHINGTON —

Biden’s nominee to run the federal consumer watchdog agency faced some hostile questionin­g from GOP Senators on Tuesday, but appeared to be likely to be confirmed with Democrats controllin­g a majority in the Senate.

Rohit Chopra, currently a Democratic commission­er on the Federal Trade Commission, would be the third permanent director of the decade-old agency. President Donald Trump’s director of Consumer Financial Protection Bureau, Kathy Kraninger, was asked to resign by Biden on the first day of his term.

Chopra said he planned to “work with (senators) to build a new bipartisan consensus” for the bureau.

Chopra would inherit an agency that’s a shell of its former self in the aftermath of the Trump administra­tion. The CFPB drasticall­y scaled back its enforcemen­t actions,, and it relegated concerns like fair lending to a much smaller position inside the bureau.

He said, if confirmed, he would likely return the bureau to aggressive­ly fine and penalize companies for bad behaviors.

“Economical­ly it does not make sense that you rip someone off and don’t have to pay a penalty for it,” Chopra told senators. “Restitutio­n is a critical part of the CFPB’s work.”

The CFPB was created following the housing bubble and financial crisis of the late 2000s.

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