Se­nate ap­proves new CFPB di­rec­tor

The Denver Post - - BUSINESS - By Ken Sweet

NEW YORK» In a party­line vote, the Se­nate ap­proved Pres­i­dent Don­ald Trump’s nom­i­nee to run the Con­sumer Fi­nan­cial Pro­tec­tion Bu­reau on Thurs­day, end­ing a six­month, highly par­ti­san bat­tle over the fate of the pow­er­ful 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 be­fore, a crit­i­cism that made Democrats hos­tile to her nom­i­na­tion since day one.

The CFPB was cre­ated as part of the Dodd-Frank Act, the law that rewrote the fi­nan­cial rules and reg­u­la­tions gov­ern­ing banks fol­low­ing the 2008 fi­nan­cial cri­sis.

The CFPB was de­signed to be a highly in­de­pen­dent agency tasked with go­ing af­ter wrong­do­ing by banks, credit card com­pa­nies and other fi­nan­cial ser­vices com­pa­nies.

The bu­reau has re­turned bil­lions of dol­lars to con­sumers through its work.

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