White House picks consumer official

WASHINGTON — The White House said Saturday it will nominate Kathy Kraninger, a high-level employee at the Office of Management and Budget, to be director of the Consumer Financial Protection Bureau.

If confirmed by the Senate, Kraninger would replace her boss, OMB Director Mick Mulvaney, who has drawn criticism from Democrats for weakening the consumer watchdog agency.

Kraninger, 43, “will bring a fresh perspective and much-needed management experience to the (agency), which has been plagued by excessive spending, dysfunctional operations and politicized agendas,” Lindsay Walters, the White House deputy press secretary, said in a statement.

“As a staunch supporter of free enterprise, she will continue the reforms of the Bureau initiated by Acting Director Mick Mulvaney, and ensure that consumers and markets are not harmed by fraudulent actors,” Waters said.

The bureau was created under the Obama administration to curb abuses by banks, the payday lending industry and other financial-services companies. The Trump administration has criticized its aggressive regulatory posture under its original director, Richard Cordray, who was appointed by President Barack Obama and resigned in November to run for governor in Ohio. Kraninger has worked for the Department of Homeland Security and the Senate Appropriations Committee but has no experience as a consumer watchdog.