 "Rohit Chopra. File Image- AP")
In the latest purge of a Biden administration holdover, Rohit Chopra, the director of the Consumer Financial Protection Bureau, was fired on Saturday, cutting short his five-year term which was originally set to last until late 2026.
Chopra was one of the more important regulators from the previous Democratic administration who was still on the job since Trump took office on Jan. 20.
Chopra had anticipated being dismissed immediately after President Trump took office, but surprisingly, he managed to stay in his position for nearly two weeks, despite the president removing numerous other agency leaders. During this time, he imposed a $2 million fine on a money transmitter and released reports on auto lending costs, specialty credit reporting companies, and rent payment data.
During Trump’s first term, the Republican had picked Chopra as a Democrat member of the Federal Trade Commission.
Chopra was notified of his firing in an email from the White House, according to a person familiar with the notice who was not authorised to discuss the matter publicly and spoke on condition of anonymity.
Chopra is an ally of Sen. Elizabeth Warren, one of Trump’s favourite targets, and the Massachusetts Democrat said in a statement that the agency under Chopra held “Wall Street accountable for cheating hard-working families” and prevented “the de-banking of Americans across the country, including consumers locked out of the financial system due to overdraft fees, religious organisations, and conservatives.”
With inputs from agencies