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August 23, 2018

Trump’s Unqualified CFPB Nominee Kathy Kraninger: A Friend to Financial Predators and a Foe to Main Street Americans

FOR IMMEDIATE RELEASE
Thursday, August 23rd, 2018
Contact: Nick Jacobs at 202-618-6433 or at njacobs@bettermarkets.com

Washington, DC — Better Markets’ President and CEO, Dennis Kelleher, issued the following statement regarding the Senate Banking Committee vote to advance President Trump’s nomination of Kathy Kraninger to be the next director of the Consumer Financial Protection Bureau (CFPB):

“It’s often difficult to understand what is going on in Washington.  That is not the case with President Trump’s attempt to destroy the Consumer Financial Protection Bureau (CFPB).  His current acting director, Mick Mulvaney, has sided with financial predators over hardworking American families, consumers, the elderly, students and our military so often that he has effectively changed the Consumer Financial Protection Bureau into the Financial Predator Protection Bureau, as is detailed here.

“Kathy Kraninger, the President’s nominee to replace Mulvaney, is almost certain to be no better.  Her testimony at her Senate nomination hearing proved she is totally unqualified for the job and not genuinely interested in protecting consumers or fulfilling the legally mandated mission of the CFPB.  For example, she testified that she could not think of a single action taken by Mulvaney that she would disagree with.  That puts her on the side of the financial predators and not hardworking Americans and Main Street consumers.  When they are victims of financial scams, they should have an aggressive Consumer Financial Protection Bureau fighting on their side, not one that is coddling crooks. That’s what Mulvaney has done and that looks like what Kraninger is going to do.

“We applaud the Senate Banking Committee members who voted against Kraninger’s nomination.  For anyone who wants to know, those are the people in Washington standing up for consumers and fighting against the financial industry’s allies seeking to protect predators, scammers and crooks.”

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Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies – including many in finance – to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.com.

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