With Biden’s confirmation on Monday of nominating tough leaders of two key regulators, the next four years on Wall Street may be worse than the market expected.
Gary Gensler, former chairman of the Commodity Futures Trading Commission, is expected to lead the securities and Exchange Commission, while Rohit Chopra, a member of the Federal Trade Commission, will lead the consumer financial protection agency.
It should be noted that from 2009 to 2014, when Gensler was the chairman of the financial derivatives regulatory agency, he implemented the new swap trading rules formulated after the financial crisis, thus establishing the image of “hardliners” and daring to challenge the interests of Wall Street. Gensler is expected to require the company to disclose the risks related to climate change, political expenditure, and the composition and treatment of the company’s employees, and take a series of measures such as salary restrictions on the company’s executives.
Another Chopra, who helped set up the cfpb after the financial crisis in 2008, was the first student loan inspector. Under the FTC, Chopra called for stricter rules for user privacy and competition related to large technology companies, as well as stricter enforcement penalties. Chopra is expected to review payday lending and debt collection rules.
In addition, the Democratic Party’s victory in the Senate means that anti Wall Street standard bearer Sherrod Brown will lead the Senate Banking Committee. Brown has said earlier that he plans to try to abolish the trump administration’s rules on Wall Street friendliness.
article links：Biden confirms nomination of two "Wall Street Nemesis"
Reprint indicated source：Spark Global Limited information