It appears as though the last domino that needed to fall in order for Rohit Chopra to become the next director of the Consumer Financial Protection Bureau has fallen and all that is left is for the Senate to confirm him, a move that is expected to occur within the next month.
Yesterday, the Senate confirmed Lina Khan to be a commissioner of the Federal Trade Commission by a vote of 69-to-28, and President Biden subsequently named her to be chairwoman of the agency. Khan’s confirmation gives Democrats three of the five commissioners’ seats at the FTC, with Chopra and Rebecca Slaughter, who had been acting chairwoman, joining Khan — who, at 32 years old, became the youngest chair in the agency’s history.
“It is a tremendous honor to have been selected by President Biden to lead the Federal Trade Commission,” Khan said in a statement after she was sworn in. “I look forward to working with my colleagues to protect the public from corporate abuse.”
Now, should Chopra leave the FTC once he is confirmed by the Senate to be the CFPB’s Director, Democrats would not be out-numbered by Republicans at the FTC.
Chopra was nominated by President Biden to be the next Director of the CFPB in February. The Senate Banking Committee held its confirmation hearing in March and narrowly approved his nomination along party lines. If Chopra is confirmed by the Senate — which many consider to be a formality — he can then be sworn in as the next Director of the CFPB and take over from Dave Uejio, who has been Acting Director since January, when former Director Kathleen Kraninger resigned at the request of President Biden.
Chopra’s confirmation vote by the full Senate is being held up by a lack of floor time in the Senate, according to a published report.