Pelosi Statement on Confirmation of Kathy Kraninger as Director of Consumer Financial Protection Bureau

Washington, D.C. – Speaker-designate Nancy Pelosi issued the following statement after OMB Associate Director Kathy Kraninger was confirmed by the Senate to be the new Director of the Consumer Financial Protection Bureau:

“As the new Director of the Consumer Bureau, Kathy Kraninger has an important responsibility to fulfill the bureau’s critical mandate to protect hard-working families, veterans and seniors against abusive, deceptive and predatory practices.

“Mick Mulvaney’s disastrous tenure as Acting-Director of the Consumer Bureau had a devastating impact on the financial security and economic stability of millions of Americans.  Instead of working to protect consumers against financial marketplace abuses, Director Mulvaney doubled down on the Administration’s cynical big bank and big corporate donor-first agenda.  Director Kraninger must abandon the Administration’s shameful campaign to destroy this vital consumer watchdog.  Before Director Mulvaney, the Consumer Bureau produced extraordinary results for all Americans, returning nearly $12 billion to more than 29 million consumers who had been cheated by dishonest financial marketplace players.

“The American people deserve a strong, independent cop on the beat at the Consumer Bureau, free from the harmful anti-consumer policies imposed by Director Mulvaney and the Trump Administration.  Democrats will hold big banks and financial institutions accountable for abusive practices, and we will continue to fight to strengthen critical consumer protections that ensure hard-working families can succeed.”

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