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Despite opposition from Democrats, Senate confirms Trump’s consumer watchdog pick

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The U.S. Senate voted 50-49 on Thursday to confirm President Donald Trump’s nominee to lead the U.S. consumer watchdog despite opposition from Democrats and consumer groups who say she is unqualified.

Kathy Kraninger will serve as director of the Consumer Financial Protection Bureau (CFPB), replacing acting chief Mick Mulvaney, after Trump signs a declaration approving her five-year term.

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The banking industry and consumer groups will be watching to see whether Kraninger, who is currently a senior official at the White House budget office, will take on Mulvaney’s mantle and continue to aggressively curtail the CFPB’s enforcement and rule-writing agenda.

Kraninger faced criticism during her nomination hearing in July about the role she played in the Trump administration’s “zero-tolerance” immigration policy that separated more than 2,000 children from their parents.

Kraninger, who works closely with Mulvaney at the Office of Management and Budget, has denied having a role in setting or developing that policy but said she attended meetings relating to its implementation.

The CFPB was formed in 2011 under Democratic President Barack Obama in the aftermath of the 2007-2009 financial crisis to protect ordinary Americans from predatory lending.

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Democrats say the agency plays a critical role in protecting consumers, but Republicans have repeatedly criticized the CFPB as heavy-handed and overreaching.

“The Senate majority has endorsed for CFPB a nominee indistinguishable from Mick Mulvaney, who has done his level best to dismantle from within an agency that once won real results for American families hurt by Wall Street and predatory lenders,” Lisa Donner, who heads the consumer advocacy group, Americans for Financial Reform, said in a statement.

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Industry groups said on Thursday, however, that Kraninger’s strong managerial experience at the budget office where she manages the budget for the financial regulators made her a good fit for the agency.

“We learned during her nomination hearing that she believes in promoting competition and appropriately tailoring regulations by taking into account both costs and benefits,” Rob Nichols, president and chief executive of the American Bankers Association, said in a statement.

“We share those views, and believe those principles will benefit consumers.”

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Reporting by Katanga Johnson; Editing by Michelle Price and Peter Cooney

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Enjoy this piece?

… then let us make a small request. Like you, we here at Raw Story believe in the power of progressive journalism — and we’re investing in investigative reporting as other publications give it the ax. Raw Story readers power David Cay Johnston’s DCReport, which we've expanded to keep watch in Washington. We’ve exposed billionaire tax evasion and uncovered White House efforts to poison our water. We’ve revealed financial scams that prey on veterans, and efforts to harm workers exploited by abusive bosses. We’ve launched a weekly podcast, “We’ve Got Issues,” focused on issues, not tweets. Unlike other news sites, we’ve decided to make our original content free. But we need your support to do what we do.

Raw Story is independent. You won’t find mainstream media bias here. We’re not part of a conglomerate, or a project of venture capital bros. From unflinching coverage of racism, to revealing efforts to erode our rights, Raw Story will continue to expose hypocrisy and harm. Unhinged from corporate overlords, we fight to ensure no one is forgotten.

We need your support to keep producing quality journalism and deepen our investigative reporting. Every reader contribution, whatever the amount, makes a tremendous difference. Invest with us in the future. Make a one-time contribution to Raw Story Investigates, or click here to become a subscriber. Thank you.



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John Oliver cites Donald Trump’s final offer for Greenland: ‘$200 and I’ll throw in Don Jr.’

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"Last Week Tonight" host John Oliver's favorite highlight of the week was, of course, President Donald Trump's decision that he wanted to buy Greenland.

In his opener Sunday, the HBO host said that he wasn't all that surprised given Trump's track record.

"Of course, he f*cking did. Of course, he did. Greenland is icy, distant and autonomous is exactly Trump's type," Oliver said, showing a photo of Trump with the first lady.

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Florida teacher removed after bizarre rant about students not standing for the pledge

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Students were faced with a white-board rant in a classroom attacking anyone not standing up for the Pledge of Allegiance.

The moment went viral locally on Thursday after students posted Daniel Goodman‘s “inappropriate” message to students at First Coast High School in Duval County, Florida, The Atlanta Black Star reported.

“THINK: We had about a half million Americans die in our Civil War, which was largely to get rid of slavery. There are no longer separate water fountains and bathrooms in Jacksonville for ‘white’ and ‘colored,’ as Mr. Goodman remembers from the 1960?s. We had an amendment to the U.S. Constitution allowing women the right to vote. We have had a Black president. The superintendent of Duval Schools is a Black woman. Mr. Fluent, our principal, replaced a Black man. Mr. Simmons, who now is a DC PS admninistrator.”

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Angry Minnesota farmer bashes ‘insulting’ Trump comments that ‘we’re great patriots’ during his trade war

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President Donald Trump has insulted at least one Minnesota farmer by his claim that farmers are "great patriots" who want him to continue his trade fight against China.

"This wound is self-inflicted, by our president," said Gary Wertish, who is the Minnesota Farm Bureau president. "We definitely agreed with it in the beginning. But it doesn’t appear that there’s a plan B. Some of the callous comments come, especially from the president, you know, that farmers are 'winning,' we’re 'great patriots,' that’s very insulting. That’s coming from someone who never has faced the challenges of a family farmer. I go into the bank and tell the lender I can’t make the payment because we lost our market? The banker is going to tell me you don’t have to make your payment because you’re a patriot."

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