Why is the Senate allowing the Consumer Financial Protection Bureau (CFPB) to drift away from Senator Elizabeth Warren’s original vision of a data-driven agency “with research at the core of all of its work?” Prudent regulators should not make policy based on mere beliefs, or on the findings of one or two studies.
During his confirmation hearing, no Senator pressed Rohit Chopra, President Biden’s nominee for Director of the CFPB, about how he plans to use research to underpin future CFPB decisions. Chopra’s 12-12 Committee vote indicates doubt. The full Senate must make an informed vote. To secure his confirmation, Chopra must assure a majority of the full Senate he can lead a data-driven Bureau. As he meets with Senators before his final confirmation vote, they should press him about his plans to generate and incorporate research at the CFPB.
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