Dec. 6, 2018

After Kraninger Confirmation, Watch Your Wallets, Protect Your Purses and Batten Down Your Bank Accounts

Statements From Public Citizen Experts

Note: Today, the U.S. Senate confirmed Kathleen Kraninger to a five-year term as director of the U.S. Consumer Financial Protection Bureau (CFPB). She currently serves as an assistant to Mick Mulvaney at the U.S. Office of Management and Budget (OMB), where he is director. Mulvaney also is serving as the temporary acting director of the CFPB.

“Ten years ago, the economy collapsed after Wall Street glutted Americans with debt. Congress created the CFPB to make sure that this never happens again. It’s clear that President Donald Trump picked Kraninger because she’s committed to continuing Mulvaney‘s demolition of the agency. It’s revealing that the only support for Kraninger comes from the banking industry. Public Citizen applauds (PDF) Senate Democrats for opposing this nomination. Americans deserve a proven veteran of consumer protection.”

- Lisa Gilbert, vice president of legislative affairs, Public Citizen

“Watch your wallets, protect your purses and batten down your bank accounts. With the confirmation of Kathleen Kraninger, Trump and Senate Republicans are putting Americans at the mercy of predatory lenders and abusive financial firms. Kraninger has absolutely no training or experience relevant to consumer protection. Worse, she’s refused to denounce violations of human rights – showing a clear lack of interest in protecting the victims of abuse. Asked at her confirmation hearing about the child separation policy on the Mexican border, a policy she oversaw in her current position at OMB, Kraninger declined to comment. It’s clear that Kraninger is being installed to look out for powerful and greedy Wall Street banks, not Main Street Americans.”

- Bartlett Naylor, financial policy advocate, Public Citizen’s Congress Watch division

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