The Consumer Financial Protection Bureau announced that Brian Johnson, who currently serves as principal policy director at the Bureau, will assume the responsibilities of acting deputy director.
“Brian Johnson is the first person I hired at the Bureau and has been an indispensable advisor,” Acting Director Mick Mulvaney said in a press release. “Brian knows the Bureau like the back of his hand. He approaches his role as a public servant with humility and unsurpassed dedication. His steady character, work ethic, and commitment to free markets and consumer choice make him exactly what our country needs at this agency.”
The announcement comes as there has been opposition surrounding President Donald Trump’s pick to be the next director of the agency: Kathy Kraninger. House Minority Leader Nancy Pelosi said that Republicans are more concerned about the interests of banks and financial firms than consumers.
“The Trump Administration’s nominee to lead the Bureau has an opportunity to be a champion for consumers and not the financial industry,” Pelosi said in a statement. “But her apparent lack of experience in consumer finance, coupled with the Administration’s hostility to consumer protection, raises questions about her qualifications to lead such an important agency.”
The move to appoint Kraninger is seen as a further step to dismantle the regulations put in place by the Obama administration, as Kraninger doesn’t have experience in finance, banking or consumer issues.
Pelosi said Republicans “have fought relentlessly to destroy the bureau,” which was created to protect consumers from fraud and abuse after the 2008 financial crisis.
“Democrats and the American people will hold Republicans accountable for their cynical big bank and big corporate donor-first agenda that put the interests of big banks and corporations before those of hard-working families,” Pelosi said.
Kraninger is widely expected to maintain Mulvaney’s steps to dismantle the power of the CFPB under former director Richard Cordray. She doesn’t believe government intervention is needed to foster robust entrepreneurship in the country, although she does think the government plays a role in stopping fraudulent activity that could harm the markets and consumers.