(Bloomberg) -- President Joe Biden’s nominees to lead the Securities and Exchange Commission and Consumer Financial Protection Bureau are set to testify before the U.S. Senate next week, moving the new administration one step closer to implementing its approach to regulating Wall Street.
Former Commodity Futures Trading Commission Chairman Gary Gensler, the pick to lead Wall Street’s top regulator, and Federal Trade Commission member Rohit Chopra, the selection for CFPB, will testify virtually before the Senate Banking Committee at 10 a.m. on March 2, according to the panel’s website.
The committee led by Ohio Democrat Sherrod Brown will likely push Gensler for his views on the recent market mania that roiled shares of GameStop Corp. and other stocks last month. Brown plans a separate hearing on the issue that would follow the House Financial Services Committee’s session last week.
Gensler, a former Goldman Sachs Group Inc. partner, would take charge of an agency that some Democrats say has grown too close to the banking industry. He would also likely need to address market disruptions from the pandemic and the U.S. feud with China over public company audits.
Chopra, an acolyte of Massachusetts Senator Elizabeth Warren who helped her set up the CFPB before she ran for office, could restore focus on helping consumers navigate the financial system after four years in which the Trump administration largely sidelined the bureau.
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