Washington, D.C. – U.S. Senator Catherine Cortez Masto (D-Nev.) released the following statement opposing the nomination of Kathy Kraninger to be the next director of the Consumer Financial Protection Bureau (CFPB):
“President Trump’s pick to lead the CFPB offers no relevant experience or background that qualifies her to be its next director. The CFPB provides essential services and necessary safeguards to Nevadans, protecting them from fraud and getting their hard-earned money back from predatory financial services. They deserve a leader who understands the financial industry and is committed to the CFPB’s mission to protect Americans consumers, not someone who will continue Mick Mulvaney’s own mission to deregulate financial institutions and gut important protections in favor of Big Banks and payday lenders. Moreover, not only is Ms. Kraninger’s lack of experience in financial services risky for consumers, I am deeply troubled by her involvement in Puerto Rico disaster relief efforts and family separation crisis at the border in her current role as the Associate Director at the Office of Management and Budget. I will be voting no on her confirmation.”
At today’s Banking Committee Hearing, Cortez Masto questioned Kraninger’s knowledge of the CFPB’s responsibilities and mission, expressing concern that Kraninger’s answers or lack thereof expose her inability to lead an agency that looks out for the best interest of consumers with regard to financial services. Watch Cortez Masto’s questioning HERE.