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Kraninger Will Continue Deconstruction of CFPB

Aug. 23, 2018

Kraninger Will Continue Deconstruction of CFPB

Statement of Bartlett Naylor, Financial Policy Advocate, Public Citizen’s Congress Watch Division

Note: On a party line vote, the U.S. Senate Banking Committee today approved the nomination of Kathleen Kraninger to be director of the U.S. Consumer Financial Protection Bureau (CFPB). Kraninger currently works at the U.S. Office of Management and Budget (OMB) in a division that oversaw the Trump administration’s child separation policy.

Public Citizen lauds the committee’s Democrats for their unified rejection of Kathleen Kraninger, who has no experience defending consumers, no literacy in financial or consumer law and no demonstrated moral compass on basic issues of human dignity. Pressed multiple times at her confirmation hearing to denounce President Donald Trump’s intentionally brutalizing “zero tolerance” family separation policy, Kraninger declined.

As the nation marks the 10 year anniversary of the 2008 financial crash that cost millions of Americans their homes, jobs and savings, America deserves a consumer champion. Instead, Kraninger threatens continued deconstruction of the CFPB, begun by the agency’s interim director Mick Mulvaney, her current boss at OMB.

Republicans who approved Kraninger debase the concept of public service leadership. These senators are not simply declaring that consumers must take a back seat to profiteering, predatory financial scammers; they’re ejecting consumers onto the highway.