Senate Vote On Kraninger To Lead BCFP Expected Tomorrow

IA InsideARM cited CEI’s Senior Fellow John Berlau and Policy Analyst Daniel Press on BCFP nominee Kathleen Kraninger.

As insideARM reported earlier, the Senate is expected to vote on the confirmation of Kathleen Kraninger to head the Bureau of Consumer Financial Protection. According to the Competitive Enterprise Institute (CEI), this is likely to happen tomorrow, and CEI supports the nomination. They provided these statements:

John Berlau, Senior Fellow:

“Based on her testimony at her confirmation hearing in July, the Competitive Enterprise Institute supports Kathleen Kraninger’s nomination to head the BCFP (formerly known as the CFPB). At the hearing, Kraninger made it clear she was against the ‘regulation by enforcement’ policies pursued by the Bureau’s first director, Richard Cordray, who arbitrarily and retroactively applied regulatory punishments against certain financial firms without due process. Kraninger says she favors competition as the best method to provide consumers with more affordable small-dollar loans. And she says she will work with Congress should it want to change the structure of the BCFP. The Senate should confirm Kraninger, and Congress should then take her up on her offer to help make the agency more accountable.”

Daniel Press, Policy Analyst:

“The Bureau of Consumer Financial Protection director is an immensely important position. Not only does the Bureau have the authority to regulate nearly every consumer financial product in the economy, but the director has enormous unilateral power in writing and enforcing those rules. At her July testimony, Kraninger affirmed that as director, she would continue the important task of reforming the Bureau’s mission to better promote a free, competitive consumer financial marketplace. The Senate should vote to support such a mission and swiftly confirm this nominee.”

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