The commission is led by five commissioners nominated by the president and confirmed by the Senate.
President Donald Trump intends to nominate well known Indian American financial service expert Rohit Chopra as a member of the Federal Trade Commission, the White House said in a press note on Thursday.
Chopra, a Senior Fellow at the Consumer Federation of America, is widely recognized for his expertise in consumer financial services and economic issues facing young people. If nominated, he would serve the remainder of a seven-year term that expires on Sept. 25, 2019.
At Consumer Federation of America, he focuses on consumer protection issues facing young people and military families. From 2010-2015, he served at the Consumer Financial Protection Bureau as Assistant Director, where he oversaw the agency’s work on student financial services issues.
During his tenure, the agency led enforcement actions that secured hundreds of millions of dollars of relief for student loan borrowers, published widely-cited research on the student loan market, and established a state-of-the-art student loan complaint system.
The Secretary of the Treasury also appointed him as the agency’s student loan ombudsman. In 2016, Chopra served as Special Adviser to the Secretary of Education.
Prior to his government service, he was an associate at McKinsey & Company, where he served clients in the financial services and consumer technology sectors.
Chopra holds a bachelor’s degree from Harvard University and a master’s degree in business administration from the Wharton School at the University of Pennsylvania. He was also the recipient of a Fulbright Fellowship. He resides in New York.
The Federal Trade Commission (FTC) works to protect consumers by preventing anticompetitive, deceptive, and unfair business practices, enhancing informed consumer choice and public understanding of the competitive process and accomplishing this without unduly burdening legitimate business activity.
The commission is led by five commissioners nominated by the president and confirmed by the Senate. The tenure of each commissioner is seven years and no more than three can be from same political party.
In May this year, Senate Minority Leader Chuck Schumer (D-NY) had urged President Trump to nominate Indian American Rohit Chopra to serve on the Federal Trade Commission.
The FTC has five commissioner positions and only two of them are currently filled. The president tapped Republican Commissioner Maureen Ohlhausen as the active chairwoman of the agency until the announcement of a permanent replacement.