Senate narrowly votes to advance Kraninger's nomination

by Ryan Smith03 Dec 2018

Despite heated Democratic opposition, the Senate has moved a step closer to confirming Kathy Kraninger as the new head of the Consumer Financial Protection Bureau.

A motion to limit debate on Kraninger’s nomination passed on strict party lines Thursday, 50-49, according to American Banker. The motion advances Kraninger to a final vote, expected sometime this week.

Kraninger, currently an associate director for general government with the White Houses Office of Management and Budget, would succeed acting CFPB Director Mick Mulvaney. However, she has faced stiff opposition from Senate Democrats, who have pointed out that she has no experience in consumer protection, financial regulation or the banking industry. Democrats have also repeatedly blasted Kraninger for her refusal to explain her role in developing the policies that led to immigrant children being separated from their parents at the border and the government’s botched response to Hurricane Maria in Puerto Rico.

Democrats also claim that Kraninger will be a “rubber stamp” for Mulvaney’s policies – which a recent report by Sen. Sherrod Brown (D-Ohio) claimed were deliberately designed to undermine the CFPB’s primary mission.

“It isn’t Ms. Kraninger’s management experience that got her a giant promotion, it’s her enthusiasm for Mick Mulvaney’s anti-consumerism agenda that earned her this reward from President Trump,” Sen. Elizabeth Warren (D-Mass.) said Thursday.

Republicans, however, defended Kraninger, according to American Banker. Sen. Mike Crapo (R-Idaho) pointed out the widespread support Kraninger has received from financial industry groups.