Hearing dates set for SEC and CFPB nominees

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President Biden’s nominees for SEC chairman and director of the Consumer Financial Protection Bureau (CFPB) finally have hearing dates.

The Senate Committee on Banking, Housing and Urban Development did announced that it will meet remotely on March 2 at 10:00 a.m. ET to hold a hearing on the matter Nomination by Gary Gensler Chairman of the Securities and Exchange Commission.

Gensler is currently Professor of Global Economics and Management at the MIT Sloan School of Management, where he conducts research and teaching on blockchain technology, digital currencies, financial technology, and public policy. Gensler also served as chairman of the U.S. Commodity Futures Trading Commission (CFTC) from 2009 to 2014, where he led reforms to the $ 400 trillion swap trading market mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

If Gensler is ratified by the Senate, he would retire for the remainder of former Chairman Jay Clayton’s tenure, which ended Jan.

Commissioner Allison is Mr. Lee currently serving as deputy chairman of the agency. She replaced Commissioner Elad Roisman, who had been appointed acting chairman by President Trump.

The committee will also consider Rohit Chopra’s nomination as director of the CFPB for a five-year term on March 2. Chopra has been Federal Trade Commissioner since May 2018.

Following the passage of the Dodd-Frank Act, Chopra joined the Treasury Department to form the CFPB, where he then oversaw the agency’s student loan agenda and efforts to address the student loan market as deputy director, according to his biography. If confirmed, Chopra would likely adopt a more aggressive approach to consumer enforcement and regulation.

Hearing of the Deputy Minister of Finance

The Senate Finance Committee held a nomination hearing on Adewale Adeyemo for deputy finance minister on February 23. While much of the hearing was focused on efforts to help the economy overcome the pandemic, general tax policies, and the fight against terrorist financing, Adeyemo had an exchange with Senator Debbie Stabenow (D-MI) on issues relating to funding plans for multiple employers .

After Stabenow said it was now time to act on multiple employers’ funding crisis, Adeyemo recognized the importance of addressing the issue and pledged to work with Congress in passing reforms on relief law currently pending in the House of Representatives.

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