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CFPB Nominee Kathleen Kraninger Clears Cloture Hurdle In Senate

Citations

Breitbart cited CEI's Senior Fellow John Berlau and Policy Analyst Daniel Press on Kathleen Kraninger nomination.

The vote was strictly along party lines, with Republicans voting yes and Democrats voting no. One Republican, Sen. James Inhofe (R-OK), was not present for the vote but is expected to be a yes vote when the roll is called on the Senate floor on Kraninger’s confirmation next week.

If confirmed Kraninger will serve a five year term as the CFPB’s director, succeeding Richard Cordray, the Elizabeth Warren protegé who served as the agency’s first director from 2013 until November 2017, when he resigned to run for governor of Ohio. Cordray lost to Republican Mike DeWine in the November 6 election.

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“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),” John Berlau, senior fellow at the CEI said in a statement:

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, a CEI policy analyst, added:

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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