WASHINGTON — President-elect Joe Biden is set to nominate Rohit Chopra as the director of the Consumer Financial Protection Bureau, tapping a progressive ally of Sen. Elizabeth Warren to helm the agency whose creation she championed.

Chopra, a commissioner at the Federal Trade Commission, helped launch the agency after the 2008 financial crisis and served as deputy director, where he sounded the alarm about skyrocketing levels of student loan debt. The pick comes as Democrats are eyeing ways to provide student loan relief to millions of Americans as part of a COVID-19 relief package.

Biden announced the move today, along with his intent to nominate Gary Gensler, the former chairman of the Commodity Futures Trading Commission, as the next chair of the Securities and Exchange Commission. Gensler, a former Goldman Sachs banker, enhanced oversight of the complicated financial transactions that helped cause the Great Recession.