House Minority Leader Nancy Pelosi has criticized President Trump’s reported pick to head the Consumer Financial Protection Bureau (CFPB), saying 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, according to American Banker. “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.”
An earlier report revealed that Kathy Kraninger was nominated to be the head of the CFPB, replacing acting director Mick Mulvaney. The move is seen in 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.
Sen. Sherrod Brown, D-Ohio, the ranking member of the Senate Banking Committee, said in a press release that working families “need a CFPB Director who will fight for them.”
“For months I have called for a CFPB Director with a track record of holding Wall Street and payday lenders accountable,” Brown said. “The White House should pick an experienced, serious, independent leader.”
But John Czwartacki, the CFPB’s chief spokesman, suggested that critics were criticizing Kraninger simply because of her gender, tweeting “A powerful observation about the role sexism is playing in the opposition to Kathy Kraninger. In 2018, this is so sad.”
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 the fraudulent activity that could harm the markets and consumers.
Trump is expected to nominate Kraninger this week before the June 22 deadline. Mulvaney will remain acting director until the Senate nominates Kraninger.