President Trump To Tap Mulvaney Associate To Lead Consumer Bureau

Cornelia Mascio
Giugno 19, 2018

The White House on Saturday said it would nominate Kathy Kraninger, a high-level staff member at the Office of Management and Budget, to be director of the Consumer Financial Protection Bureau. "The President intends to nominate Kathy Kraninger to be the next Director of the Bureau of Consumer Financial Protection", Lindsay Waters, the White House deputy press secretary said in a statement.

Since then, Mulvaney has steered the bureau in a more industry-friendly direction.

The CFPB was formed in the wake of the USA financial crisis of 2007-08, authorized by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

The Consumer Financial Protection Bureau was established after the 2008 financial crisis to ensure customers were not being exploited and that banks were complying with consumer protection laws.

Kraninger now works under Mick Mulvaney at the Office of Management and Budget.

Trump appointed Mulvaney, who also runs the OMB where he works closely with Kraninger, as temporary head of the CFPB in November to replace Richard Cordray, an appointee of former President Barack Obama. It took CFPB staffers years to build the case.

Her nomination faces Senate approval.

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. Under Mulvaney, the bureau has undergone major changes opposed by Democrats and consumer advocates.

Kraninger's qualifications for the post have been challenged because she lacks experience in financial services and consumer issues.

As acting director, Mulvaney has conducted a top-to-bottom review of the agency's enforcement, supervisory and rule-making functions.

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.

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