Today, the Republican leader of the House Financial Services Committee, Patrick McHenry (NC-10), issued the following statement in response to President-elect Joe Biden’s decision to nominate a Commissioner on the Federal Trade Commission (FTC), Rohit Chopra, to serve as Director of the Consumer Financial Protection Bureau (CFPB):
“President-elect Biden’s decision to nominate Rohit Chopra will make Elizabeth Warren very happy. This is proof that the Biden team is pandering to members of the far-left who want to weaponize the CFPB to go after financial services companies they simply don’t like. Mr. Chopra has made it clear his agenda includes limiting consumer choice, driving up cost of credit for everyone through restrictive policies, and hamstringing job creators through overregulation. If the Biden Administration is looking to foster common ground between Republicans and Democrats, Mr. Chopra is the wrong pick.
“Democrats created the most unaccountable agency in government when they stood up the CFPB in Dodd-Frank. Thankfully, under Director Kraninger the CFPB has been more transparent and provided clear rules of the road for consumers and businesses alike. This should continue to be the mission of the CFPB, not issuing countless enforcement actions to appease activists. We’ve seen the harm an unaccountable Director can do and should not make the same mistake again by confirming Mr. Chopra.”
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