Receiving recognition in the form of awards is a feeling that you truly cannot put into words. It gives you a feeling of satisfaction and joy that your work has actually been meaningful, and that you have made an impact in your line of work. However, in the modern era of “participation trophies,” it seems people receive awards for positively no reason at all.
A great example was Former Director of the Consumer Financial Protection Bureau (CFPB), Rohit Chopra, receiving an award for Outstanding Public Service from the New Jersey Citizen Action Education Fund (NJCAEF).
Recognition for its own sake.
Chopra was allegedly given this award because he helped to “protect the American people from financial harm.” The reasoning behind that verbiage is as wrong as it is laughable. If stifling innovation and extending oversight unnecessarily on financial institutions is cause for an award for public service then I am sure Rohit was the best person available to be recognized. Not to mention how under his leadership, the CFPB attempted to rein in comparison shopping tools which make it easier for consumers to do anything from shopping for flights to applying for credit cards. The concept to give him that level of acknowledgment makes much more sense when you realize that Senator Elizabeth Warren spoke virtually at the ceremony, praising Chopra for his contributions to government service.
After the financial crisis of 2008, Congress wanted to create a new bureau to help protect consumers and enforce federal law. After the Dodd-Frank Wall Street Reform and Consumer Protection Act passed in 2010, the CFPB as we know it today was opened. Ironically enough, Senator Warren and Former Director Chopra were two of the architects of the legislation which brought us the Consumer Financial Protection Bureau, which under Chopra’s guidance, did everything except do what it was originally intended to do.
While I am sure last week’s event was a lovely time for Rohit to have his ego stroked by like-minded bureaucrats and lobbyists, he has likely had a difficult time digesting recent news since the government shutdown began. Much of his blatant overreach has been eradicated by current CFPB Director Russell Vought. However, I am sure what is even more concerning for Chopra are the layoffs occurring within the government bureaucracy due to the shutdown (layoffs which have been currently halted in district court, but will certainly continue to be litigated).
I am also sure that the future of the CFPB has Rohit yearning for the days when his bureau was overstepping its authority. Russell Vought announced plans to shutter the Consumer Financial Protection Bureau for the first time today. Not even President Trump had confirmed that was the end goal for the future of the institution. If that assertion from Vought is true and the end of the bureau is within sight, Chopra will likely find that much of his legacy has been eradicated.
Rohit Chopra’s award ceremony no doubt filled him with some gratification from his time as CFPB Director, but no doubt it is more bitter than sweet. After being fired from his position in February and now watching his brainchild crumble, he can take little solace in a “public service” award from the NJCAEF. However, after the way he tortured both consumers and financial institutions for over a decade, it seems karma has finally caught up with Rohit Chopra.