Kathy Kraninger, a senior official at the Office of Management and Budget, was confirmed by the Senate Thursday to serve as director of the Consumer Financial Protection Bureau, following a tumultuous year for the agency under acting Director Mick Mulvaney.
The nomination was barely approved, passing the chamber 50-49 after Democrats strongly opposed Kraninger due to concerns she lacked any experience in consumer finance. Progressive lawmakers also argue Kraninger was partly responsible for the Trump administration's "zero tolerance" policy of separating migrant children from their families at the border. (Sen. Tom Tillis, R-N.C., was the sole senator not to vote.)
Republicans, on the other hand, cited her management experience in their support of the nomination.
“Ms. Kraninger brings a wealth of experience to an agency in need of a renewed, consumer-focused mission,” said Senate Majority Leader Mitch McConnell, R-Ky., in a press release before the vote.
Consumer groups sharply criticized the nomination over concerns she will continue Mulvaney’s agenda to pare back the agency’s enforcement and rulemaking.
Read more in American Banker.