Kraninger Narrowly Clears Senate Banking Committee to Lead BCFP

Aug. 23, 2018 -- Today, the Senate Banking Committee voted 13 – 12 to advance the nomination of Kathleen Kraninger to lead the Bureau of Consumer Financial Protection (BCFP). The vote was along party lines, with 13 Republicans supporting the nominee and 12 Democrats opposing her.

Kraninger was nominated by President Trump in June and currently serves as associate director at the Office of Management and Budget (OMB), where she oversees the budgets and related policies for seven cabinet departments and 30 other federal agencies, which includes the bureau and other financial regulators. 

During her nomination hearing in July, Kraninger outlined the following four priorities to carry out the Bureau’s mission:

  • The Bureau should be fair and transparent, ensuring its actions empower consumers to make good choices and provide certainty for market participants.
  • The Bureau should work closely with the other financial regulators and the states on supervision and enforcement.
  • The Bureau must recognize its profound duty to the American people to protect sensitive information in its possession.
  • The Bureau must be accountable to the American people for its actions, including its expenditure of resources.

The full Senate will now vote on Kraninger’s nomination. If confirmed, she would take over from Mick Mulvaney, who has served as acting director at the bureau since November; he also serves as the director of the OMB.