Published: Tue, June 19, 2018
Markets | By Otis Pena

Kathy Kraninger Nominated to Head Consumer Financial Protection Bureau

Kathy Kraninger Nominated to Head Consumer Financial Protection Bureau

The Trump administration announced on Saturday that it meant to nominate Kathy Kraninger an associate director at the Office of Management and Budget to head the Bureau of Consumer Financial Protection.

"As a staunch supporter of free enterprise, she will continue the reforms of the Bureau initiated by Acting Director Mick Mulvaney, and ensure that consumers and markets are not harmed by fraudulent actors", Walters said.

Trump appointed Mulvaney as temporary head of the CFPB in November to replace Richard Cordray, an appointee of President Barack Obama. Cordray was praised by consumer advocates for going after banks for wrongdoing. In another move that particularly upset some staffers, the new boss also dropped a lawsuit against an alleged online loan shark called Golden Valley Lending.

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Her nomination faces Senate approval. "The Consumer Financial Protection Bureau does not exist", Mulvaney told Congress in April, and now he's proven the point, at least when it comes to the sign in his lobby (h/t to Vox and thanks to Alan Zibel of Public Citizen for the photo, via Twitter).

Kraninger, 43, has spent much of her career on Capitol Hill, including serving as the clerk for the Senate Appropriations subcommittee on homeland security and working with the House Appropriations subcommittee on homeland security and the Senate Homeland Security and Governmental Affairs Committee.

One administration official, who requested anonymity because he was not authorized to speak on the matter, said Mulvaney had picked Kraninger because she was seen as more palatable, particularly to Democrats, than another candidate, Todd J. Zywicki, a conservative professor at George Mason University's Antonin Scalia Law School. Mulvaney earlier this month dissolved a group of outside experts that acts as a sounding board for the federal watchdog agency on important economic and financial issues as well as policy.

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