Rohit Chopra served as the Director of the Consumer Financial Protection Bureau from 2021 to 2025 and as a commissioner for the Federal Trade Commission from 2017 to 2021. Chopra is known for his work on alleviating student loan debt and tackling “junk fees”: unexpected fees tacked onto purchases usually associated with banks and airlines.
This interview has been edited for length and clarity.
Harvard Political Review: How do you balance effective regulation without stifling economic growth?
Rohit Chopra: Well, the most dynamic economies in the world are ones where there is active participation of the public in setting the rules of the road. Where you have no rules, you have lawlessness, and it’s a race to the bottom. So, part of the reason the U.S. had such a dynamic financial system was that it put in place safeguards that inspired a lot of confidence across the globe.
HPR: At a time when Americans cannot rely on the Consumer Financial Protection Bureau to fulfill its watchdog purpose, since it has been shuttered by the current administration, what can states, local governments, and individuals do to protect their consumer rights and make sure they are treated fairly in the financial system?
RC: Recently, we have seen a number of federal law enforcement agencies halt all of their oversight over financial companies. This is going to cost people dearly. One important thing is that federal regulators should not have a monopoly on law enforcement. We need states, especially state attorneys general, to police the markets. I advised many state attorneys general on how they can exercise their authority to protect consumers.
In addition, the United States has a long tradition of private enforcement. This is the ability for you to exercise your rights under the law, to take a company to court. We need to do more to ensure that every American can vindicate their rights.
HPR: How do you define effective leadership in a regulatory agency that faces both political and corporate pressures?
RC: It’s so critical to always be thinking about who is not in the room. Well-connected corporate interests will always have their voices heard, but there are so many laws and rules that affect each of us that we do not even know about.
When it comes to the water we drink or the moment we swipe our debit card, there are important protections to make sure that we don’t get sick or ripped off. Always thinking about who is affected by a policy, especially when their voice is not in the room, is critical.
HPR: Looking at the current and past presidents, how have you seen them try to protect consumer rights and call for corporate accountability, or the lack thereof? Which approaches do you find effective or ineffective?
RC: Many students who are at Harvard today were born just after the financial crisis in 2008, and many people believe, which I think they have a good point to, that no one was held accountable. It’s true, in fact, that some of the financial institutions that did engage in irresponsible or illegal behavior really never faced any accountability. So for a democracy to work well, there has to be accountability, no matter whether you are powerful or powerless.
HPR: If you could redesign how Americans learn about credit and debt, what would it look like? What steps would be taken and in what setting?
RC: In America, we often feel ashamed about financial mistakes. In reality, people make mistakes all the time when it comes to their money, their health, or other things that are really important. I think it is critical to reduce the shame surrounding personal finance, and for people to know a trusted source they can go to when they need help. Through my career, I have seen so many people be subjected to scams and fraud, but they think it was their fault, and only after they get a refund or a notification about the fraud do they feel a sense of relief. To me, I think the most important thing is to get people to talk about it and not to feel ashamed about it.
HPR: Are there any final remarks you would like to make toward Harvard or about our financial system?
RC: I went to Harvard. I lived in Adams House. Over the past 20 years, so many people who are in college today see an economy that is so much more uncertain, and there’s no question that the policies of the recent decades have not worked out for much of America. It’s really important for people who care about our democracy and our society to chart a new playbook for the economy of tomorrow, rather than cling to the policies of the past that did not work.
