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The Senate voted 50-48 on Thursday to approve Rohit Chopra as the third director of the Consumer Financial Protection Bureau.
Why it matters: Chopra, who served on the Federal Trade Commission, worked closely with Sen. Elizabeth Warren (D-Mass.) to establish the Bureau following the 2008 financial crisis.
The big picture: The 39-year-old will serve a five-year term after being approved along party lines Thursday.
- Chopra's nomination failed in March after the Senate Banking Committee voted 12-12 along party lines. Senate Majority Leader Chuck Schumer later discharged the nomination from the committee.
- Chopra has served as the assistant director of the Consumer Financial Protection Bureau and then the Student Loan Ombudsman.