Senate Banking Committee Approves CFPB Nominee Kathleen Kraninger

Aug 23, 2018
Originally published on August 23, 2018 7:22 pm
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The Trump administration's pick for the next director of the Consumer Financial Protection Bureau moved forward today. Kathleen Kraninger was approved by the Senate Banking Committee. That happened over loud objections from Democrats who say she's unqualified for the job. NPR's Yuki Noguchi has more.

YUKI NOGUCHI, BYLINE: The Consumer Financial Protection Bureau has been politically charged since its inception eight years ago. Republicans have argued the independent agency wielded too much power while Democrats argue it's one of the few consumer safeguards against abuse by banks, credit card companies and payday lenders. Kraninger's nomination has stirred up those debates and more.

As associate director of the White House's Office of Management and Budget, Kraninger played a role in the Trump administration's response to Hurricane Maria in Puerto Rico and in separating immigrant children from their parents. Democrats, including Massachusetts Elizabeth Warren criticized Kraninger's lack of experience as well as her failure to answer questions about her role in the controversial policies she implemented at the budget office.

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ELIZABETH WARREN: Either she wasn't involved in child separations or the failed Puerto Rico recovery, which means she doesn't have the management experience that she claims to have, or she was involved, which means the Senate would be voting to promote someone who was responsible for two of the worst humanitarian catastrophes in recent history.

NOGUCHI: Kraninger did not speak today but in the past said she supports the current CFPB director, Mick Mulvaney's, actions. Among other things, he curtailed the agency's investigations into the payday loan industry and pulled back oversight of consumer protections for military service members. Kraninger's support for curbing the CFPB's powers met with praise from Republicans including Mike Rounds of South Dakota.

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MIKE ROUNDS: I am proud to be supporting Ms. Kraninger's nomination because I'm confident that she will help us make progress in reforming this agency.

NOGUCHI: Her nomination was approved by a vote along party lines. It's not clear when the full Senate will vote on her nomination. Yuki Noguchi, NPR News, Washington. Transcript provided by NPR, Copyright NPR.