FOR IMMEDIATE RELEASE
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On Thursday, July 19, the Senate Banking Committee held a hearing on President Donald Trump’s nominee to lead the Bureau of Consumer Financial Protection, Kathleen Kraninger. A lifetime civil servant, Ms. Kraninger has leadership experience at multiple federal agencies and committees in both houses of Congress.
Beau Brunson, Consumers’ Research’s Senior Policy Advisor, released the following statement on Ms. Kraninger’s nomination hearing:
“At today’s hearing, Ms. Kraninger outlined a vision for the bureau based on accountability and transparency. She testified that as Director, she would continue to be committed to leading a BCFP that focuses on expanding competition while stamping out fraud that harms consumer choice and competitive markets.
Consumers’ Research agrees.
The Senate Banking Committee should quickly report her favorably for a full vote in the Senate.”
The BCFP, created under the Dodd-Frank Act, has been controversial since its inception. Under its current structure, the Director is subjected to minimal oversight from the Administration or Congressional oversight and not funded through the traditional budget appropriations process.
Washington, D.C., November 28 – Consumers’ Research, founded in 1929, is the nation’s oldest consumer organization that seeks to increase the knowledge and understanding of issues, policies, products, and services of concern to consumers. For more information, visit: https://consumersresearch.org/ and follow Consumers’ Research on Twitter at @ConsumersFirst.