President-elect Joe Biden has picked a pair of veteran regulators strongly backed by progressive Democrats to lead two key Wall Street watchdogs, signalling that his administration is planning tough oversight after four years of light-touch policies under appointees of President Donald Trump.

Former Commodity Futures Trading Commission Chairman Gary Gensler will be nominated to lead the Securities and Exchange Commission and Federal Trade Commission member Rohit Chopra is being tapped to lead the Consumer Financial Protection Bureau, Biden’s transition team said Monday (Jan 18).

“Our administration will hit the ground running to deliver immediate, urgent relief to Americans; confront the overlapping crises of Covid-19, the historic economic downturn, systemic racism and inequality, and the climate crisis; and get this government working for the people it serves,” Biden said in a statement to Bloomberg News. “These tireless public servants will be a key part of our agenda to build back better — and I am confident they will help make meaningful change and move our country forward.”

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