STATEMENT: Senate Must Reject President Trump’s CFPB Nominee, Says CAP’s Marc Jarsulic
Washington, D.C. — Tomorrow, the U.S. Senate Committee on Banking, Housing, and Urban Affairs will vote on the nomination of Kathy Kraninger to serve as director of the Consumer Financial Protection Bureau (CFPB). Marc Jarsulic, senior vice president of Economic Policy at the Center for American Progress, released the following statement:
The CFPB was established after the 2007-2008 financial crisis to defend consumers from abuses in the financial marketplace. Since its inception, it has been enormously successful. The CFPB has returned more than $12 billion to more than 29 million consumers, implemented an array of new consumer safeguards, and vigorously policed wrongdoing.
Kathy Kraninger, one of Mick Mulvaney’s deputies at the Office of Management and Budget, has zero track record of fighting for consumers; she has never even worked on financial services issues. Kraninger’s only purported qualifications to be CFPB director are the management skills she has developed working as a senior OMB official. Yet even those credentials are deeply troubling. In her current role, Kraninger assisted with the implementation of the administration’s most inhumane immigration policies—separating children from their parents at the border—and the administration’s failed response to the post-hurricane humanitarian crisis in Puerto Rico.
It would be shameful for senators to confirm someone who has taken part in this administration’s most reprehensible policies and has zero experience working on the issues that come before the CFPB. Consumers deserve far better.
- “Why We Need a Strong CFPB, in 5 Numbers” by Joe Valenti
- “Communities of Color Cannot Afford a Weakened CFPB” by Joe Valenti and Danyelle Solomon
For more information or to speak with an expert, contact Allison Preiss at email@example.com.