U.S. Economic News

January 19, 2021

U.S. News

The Washington Post reports that President-elect Biden is set to nominate Rohit Chopra, an Obama-era regulator and colleague of Senator Elizabeth Warren, to lead the Consumer Financial Protection Bureau. Combined with last week’s indication that Biden will tap Gary Gensler to run the SEC, the choice of an outspoken industry critic for head of the CFPB may signal the incoming administration’s intent to press for more aggressive enforcement of financial sector regulations. WaPo

The Wall Street Journal reports that today’s confirmation hearing for Treasury Secretary nominee Janet Yellen included her remarks on the need for lawmakers to “act big” to avoid further economic damage to American workers and small businesses. Yellen also affirmed the Treasury’s commitment to market-determined exchange rates and acknowledged bipartisan concern over the growing national debt. WSJ