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Photo: Justin Sullivan/Getty Images

President-elect Joe Biden has selected FTC commissioner Rohit Chopra to be the next director of the Consumer Financial Protection Bureau (CFPB) and Obama-era Wall Street regulator Gary Gensler to lead the Securities and Exchange Commission (SEC).

Why it matters: Both picks are progressive allies of Sen. Elizabeth Warren (D-Mass.) and viewed as likely to take aggressive steps to regulate big business.

Background:

  • Chopra worked as a consultant at McKinsey before helping Warren set up the CFPB in 2011. He went on to serve as the agency's assistant director "student loan pointman," before his nomination to the FTC in 2018.
  • Gensler was a partner at Goldman Sachs, where he worked for 18 years before joining the Treasury Department in 1997. He was nominated by President Obama in 2008 to serve as chairman of the Commodity Futures Trading Commission, where he earned as a reputation as an aggressive regulator and Wall Street foe.

The big picture: Biden is going to attempt to chart an economic policy that's visibly to the left of Bill Clinton and Barack Obama. If he succeeds, it's going to show up not only in taxes and spending, but also in regulation.

Go deeper: Biden's radical economic agenda

Go deeper

Banks cash in as Wall Street blows out Main Street

Illustration: Aïda Amer/Axios

America’s big banks capped off a winning year, led by soaring Wall Street-facing business lines.

Why it matters: Banks cashed in on the white-hot IPO market, record debt issuance, and sky-high trading volume — all of which played out as economic peril softened the consumer side of their businesses.

"An embarrassment": Biden condemns Border Patrol for using horses to deter Haitian migrants

President Biden speaking from the White House on Sept. 24. Photo: Al Drago/Bloomberg via Getty Images

President Biden on Friday condemned Border Patrol officers for using horses to deter Haitian immigrants from an encampment under the international bridge earlier this week but took responsibility for the actions and said an investigation is underway.

Why it matters: Photos of patrol officers charging their horses at immigrants prompted criticism of the Biden administration's handling of the crisis at the border.

Senate GOP pushes DOJ to roll back Trump oversight rule

Photo by Chip Somodevilla/Getty Images

Senate Republicans want the Justice Department to roll back Trump-era restrictions on congressional oversight criticized at the time as an attempt to insulate the Trump administration from Democratic investigators, Axios has learned.

Why it matters: While some Republicans spoke out against the DOJ guidance at the time, it was mostly Democrats who attacked it as a constitutionally dubious effort to scuttle congressional oversight. Now the shoe is on the other foot, and the GOP is making similar arguments with Biden in the White House.