Trump pick for CFPB Kathy Kraninger: what to know

By White HouseFOXBusiness

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President Trump nominated Office of Management and Budget (OMB) official Kathy Kraninger to lead the Consumer Financial Protection Bureau (CFPB) on Monday, but she is likely to face an uphill confirmation battle to lead the politically divisive agency.

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Kraninger’s appointment must be approved by the Senate before she can take over the position. If approved, she would replace her boss Mick Mulvaney who has temporarily led the consumer watchdog agency.

Mulvaney would have had to abdicate his position at the CFPB by Friday if the administration did not nominate anyone to take over his role. He is now safe to continue his leadership in the interim.

Here’s what you need to know about Kraninger:

OMB

Kraninger joined the Office of Management and Budget in March 2017, where she has served as an associate director for general government.

In her current position, Kraninger oversees the budget for financial regulators.

Career on Capitol Hill

Kraninger was a part of the team that created the Department of Homeland Security in the wake of the 9/11 terrorist attacks. At the time, she was serving as a staffer on the Senate Appropriations subcommittee.

She has held multiple positions on Capitol Hill, including as a staffer for Republican Sen. Susan Collins from Maine, and as an aide on other Senate panels.

Not a Trump donor

During the 2016 presidential election, Kraninger contributed to the campaign of Republican Ohio Gov. John Kasich, according to The Wall Street Journal, which cited federal campaign records.

Lack of relevant experience

One of the biggest criticisms and potential obstacles Kraninger faces is her lack of experience dealing with consumer issues and leading an organization.

Mulvaney has already implemented some reforms at the watchdog agency and Democrats are likely to oppose a nominee that they believe will continue to reduce the authority of the CFPB, which was created in 2010 and designed to operate as a relatively independent entity. Some perceive Kraninger’s lack of experience as a pathway for conservatives, like Mulvaney, to influence her tenure.

However, a White House official told The Wall Street Journal over the weekend that Kraninger brings “years of experience in government management to the position.”

The White House also issued a statement over the weekend saying she will bring a “fresh perspective” to the job, citing problems such as “excessive spending, dysfunctional operations and politicized agendas” as issues potentially in need of resolution.