Se­nate ap­proves pres­i­dent’s nom­i­nee for watch­dog agency

Sun Sentinel Palm Beach Edition - - NATION & WORLD -

WASH­ING­TON — In a party-line vote, the Se­nate ap­proved Pres­i­dent Don­ald Trump’s nom­i­nee to run the Con­sumer Fi­nan­cial Pro­tec­tion Bu­reau on Thurs­day, end­ing a six­month bat­tle over the fate of the con­sumer watch­dog agency.

The vote was 50-49 in fa­vor of ap­prov­ing Kathy Kraninger, who worked as a mid-level of­fi­cial in the White House’s bud­get of­fice, to a five-year term. Kraninger has zero ex­pe­ri­ence in fi­nan­cial ser­vices and had never run a fed­eral agency, a crit­i­cism that made Democrats hos­tile to her nom­i­na­tion.

The CPFB was cre­ated as part of the Dodd-Frank Act, the law that rewrote the fi­nan­cial rules and reg­u­la­tions gov­ern­ing banks af­ter the 2008 fi­nan­cial cri­sis. The CFPB has been a tar­get of Repub­li­cans who have vowed to abol­ish it.

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