Trump taps Kathy Kraninger to take over consumer protection bureau

Trump's rumored pick for CFPB chief is a Mick Mulvaney deputy with little financial policy expertise

Trump's rumored pick for CFPB chief is a Mick Mulvaney deputy with little financial policy expertise

President Donald Trump has chosen Kathy Kraninger, a little-known White House budget aide, as director of the Consumer Financial Protection Bureau, an administration official said.

Calling Kraninger a "staunch supporter of free enterprise", White House Deputy Press Secretary Lindsay Walters said in a statement that the White House hopes for a swift confirmation.

Kraninger, who oversees the preparation of the budgets for several Cabinet departments, was selected over the objection of some officials inside the White House, who argued that her relative inexperience - and association with Mulvaney - could scuttle her nomination.

Kraninger is expected to continue Mulvaney's push to make the bureau more business friendly.

The CFPB was established by President Obama following the 2008 financial crisis to assure that banks comply with consumer protection laws.


Mulvaney has been praised by Republican lawmakers for reining in an agency they saw as unaccountable, while liberals, led by Warren, have accused him of dismantling the bureau and putting consumers at risk.

Trump's budget chief, Mick Mulvaney, has been filling in as the bureau's acting director along with running the OMB since late November when his predecessor, Richard Cordray, resigned. Under his leadership, the CFPB delayed a new payday lending regulation from going into effect and dropped an investigation into one payday lender that contributed to Mulvaney's campaign. Under Mulvaney, the bureau has undergone major changes opposed by Democrats and consumer advocates.

But consumer groups and conservatives alike were quick to criticize the announcement, with both sides questioning whether she was qualified and saying she may struggle to gain Senate approval as a result.

She will succeed Acting Director Mick Mulvaney at the bureau.

Kraninger, an associate director at the budget office, previously worked for the Department of Homeland Security and the Senate Appropriations Committee, but has no previous experience as a consumer watchdog.

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