The Senate voted on Thursday to approve the nomination of Rohit Chopra, President Joe Biden’s choice to lead the Consumer Financial Protection Bureau. The vote to confirm Chopra was conducted along party lines, with 50 Democrats voting in favor and 48 Republicans voting against.
Sen. Sherrod Brown, chairman of the Banking Committee, praised Chopra for being successfully confirmed. The Ohio Democrat said Chopra is ready to “stand up to the biggest banks and the most powerful corporations to protect families, service members, students, and the elderly.”
SENATE TO VOTE THIS WEEK ON ROHIT CHOPRA, BIDEN PICK TO LEAD CFPB
Chopra’s approval to lead the consumer watchdog comes a week after the Senate voted along party lines, 49-48, to discharge Chopra’s nomination from the banking committee, where it languished after a partisan split among members.
Many on the Left hold Chopra in high esteem, given his past work helping Democratic Sen. Elizabeth Warren of Massachusetts set up the CFPB in the wake of the financial crisis. Chopra was later appointed to fill an open Democratic seat on the Federal Trade Commission at Senate Majority Leader Chuck Schumer’s recommendation.
While Democrats are champions of the CFPB — responsible for regulating consumer banking, mortgages, credit cards, and other financial products — Republicans see the agency, founded under President Barack Obama, as holding too much regulatory power.
Pennsylvania Sen. Pat Toomey, the top Republican on the Banking Committee, blasted Chopra’s record during a floor speech.
“At the FTC, Commissioner Chopra has continued to take aggressive anti-business stances. And he’s continued to take a ‘shoot first, aim later’ approach to the facts in order to advance his agenda,” Toomey said. “During his CFPB nomination process, Commissioner Chopra has done little to alleviate those concerns.”
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The vote to confirm Chopra was expected to be close, and Democrats couldn’t afford to lose even one vote. Other confirmations on the Senate floor Thursday include Tracy Stone-Manning to lead the Bureau of Land Management and Jonathan Eugene Meyer to be general counsel of the Department of Homeland Security.
