President Donald Trump plans to nominate Office of Management and Budget official Kathy Kraninger to head the Consumer Financial Protection Bureau, the White House announced Saturday. “The President intends to nominate Kathy Kraninger to be the next Director of the Bureau of Consumer Financial Protection,” White House deputy press secretary Lindsay Walters said in a statement. If confirmed, Kraninger will replace Mick Mulvaney, who has been filling the job temporarily. Kraninger, who currently works under Mulvaney, is expected to face a tough Senate confirmation battle. Under Mulvaney, the bureau has undergone major changes opposed by Democrats and consumer advocates.
Management experience needed
Spokeswoman Lindsay Walters said “Kathy Kraninger will bring new insights and much-needed management experience to the Consumer Financial Protection Office”. The head of the budget, Mick Mulvaney, has been at the same time the acting director of the office since the end of November, when Richard Cordray resigned. Since then, Mulvaney has led the office in a direction more favorable to the industry. Walters said in his statement that the office has suffered “excess expenses, dysfunctional operations and politicized plans” and that Kraininger would apply the rules imposed by Mulvaney. The Senate must ratify the appointment. The Office of Consumer Financial Protection was created after the 2008 financial crisis to ensure that customers were not exploited and banks complied with consumer protection laws. Cordray, appointed by President Barack Obama, was criticized by Republican lawmakers for excessive policy, but consumer advocates praised him for aggressively pursuing banks that violated the laws.
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