Over the past weekend, President Trump nominated Kathy Kraninger, an associate director at the Office of Management and Budget, to head the Bureau of Consumer Financial Protection (BCFP or CFPB). John Berlau, Competitive Enterprise Institute senior fellow, urges the Senate to ask some pointed questions during the nomination hearing about the bureau’s future.
Statement by John Berlau:
“Kathy Kraninger has been part of Mick Mulvaney’s effort to stop BCFP abuse of power and make sure the bureau enforces the law as Congress intended. During confirmation hearings, the Senate should ask about how BCFP red tape is harming consumers, entrepreneurs, Main Street banks, and credit unions and get Ms. Kraninger’s views on the scope and limits of the bureau’s power. At the same time, Congress must to do its part to rein in the unchecked power of the BCFP by making the director removable by the president and subject to Congressional appropriations.”
Related report: Rethinking the Consumer Financial Protection Bureau