President Donald Trump will pick another official in the Office of Management and Budget (OMB) to permanently lead the Consumer Financial Protection Bureau, according to a Reuters report.
Mick Mulvaney, currently the director of the OMB, was appointed by Trump to lead the consumer watchdog on an interim basis after Richard Cordray resigned in November. If the Senate approves Trump’s pick, Kathy Kraninger will succeed her boss as head of the CFPB. According to Reuters, Mulvaney and Kraninger work closely at the OMB.
“She will bring a fresh perspective and much-needed management experience to the (bureau), which has been plagued by excessive spending, dysfunctional operations, and politicized agendas,” White House Deputy Press Secretary Lindsay Walters said in a statement.
A holder of a law degree, Kraninger’s experience includes roles at the Department of Homeland Security and as a Congressional staffer. A source with direct knowledge of Kraninger’s role at the White House budget office told Reuters that she has worked on financial policy issues for the CFPB, Treasury, and other regulators. Kraninger also has an extensive background in managing large teams in government, the person said.
The announcement of Trump’s pick divided conservatives and drew criticism from consumer advocates, according to the report. Both sides questioned Kraninger’s qualifications, saying that she might find it difficult to obtain Senate approval. Meanwhile, some conservatives cited Mulvaney’s track record of selecting managers, saying he would not have supported her if he was unsure of her capability, according to the report.
Trump set to name nominee for permanent CFPB director
Mulvaney dismantles CFPB advisory boards