President Donald Trump has chosen Kathy Kraninger, a little-known White House budget aide, as director of the Consumer Financial Protection Bureau, an administration official said.
If approved by the Senate, Kathy Kraninger would succeed her boss, White House Budget Director Mick Mulvaney, who’s led the consumer watchdog part-time since November.
This story by Elizabeth Dexheimer and Margaret Talev originally appeared in Bloomberg.
“She will bring a fresh perspective and much-needed management experience to the BCFP, which has been plagued by excessive spending, dysfunctional operations, and politicized agendas,” White House spokeswoman Lindsey Walters said in a statement.
Walters termed Kraninger “a staunch supporter of free enterprise” who would continue reforms started by Mulvaney “and ensure that consumers and markets are not harmed by fraudulent actors.”
What’s likely to be a difficult confirmation process could take months, and Mulvaney has said he expects to be at the bureau until the end of the year.
Kraninger joined the Office of Management and Budget as an associate director in 2017, and has overseen the budget for financial regulators – experience that the White House believes will be beneficial in her new role.
She previously worked for the Department of Homeland Security and in various roles – also mostly with a homeland security focus – on Capitol Hill, including on the staff of Republican Senator Susan Collins of Maine and the Senate Appropriations Committee, which is chaired by Republican Richard Shelby of Alabama. Collins and Shelby are likely to be key allies in Kraninger’s confirmation effort.