OMB's Kraninger picked to head US CFPB -White House

Michael Chertoff during a news conference at Washingtons Ronald Reagan National Airport Oct. 22 2008 with Deputy Assistant Secretary for Policy Kathy Kraninger left

Michael Chertoff during a news conference at Washingtons Ronald Reagan National Airport Oct. 22 2008 with Deputy Assistant Secretary for Policy Kathy Kraninger left

The Trump administration announced on Saturday that it meant to nominate Kathy Kraninger an associate director at the Office of Management and Budget to head the Bureau of Consumer Financial Protection.

"The President intends to nominate Kathy Kraninger to be the next Director of the Bureau of Consumer Financial Protection", White House deputy press secretary Lindsay Walters said in a statement.

The CFPB was formed in the wake of the USA financial crisis of 2007-08, authorized by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

The post is now held by interim director Mick Mulvaney, who also leads the Office of Management and Budget, where Kraninger is an associate director. She would inherit an agency that has been roiled by a shift to Republican leadership under Mulvaney from its roots as a scourge of financial firms under Obama administration appointee Richard Cordray, a Democrat who is running for governor of Ohio.

Deadly 5.9-magnitude quake hits western Japan
The tremor caused power outages in some areas, suspending train operations during the morning commuting hours. Television images showed passengers getting off trains onto the tracks between stations.

Kraninger, 43, has spent much of her career on Capitol Hill, including serving as the clerk for the Senate Appropriations subcommittee on homeland security and working with the House Appropriations subcommittee on homeland security and the Senate Homeland Security and Governmental Affairs Committee.

She surmounted a key hurdle last week when a member of the National Economic Council staff, Andrew Olmem, signed off on her nomination, people close to the situation said. While in Congress, Mulvaney sponsored legislation to dismantle the CFPB. Under Mulvaney, the bureau has undergone major changes opposed by Democrats and consumer advocates.

J.W. Verret, an associate professor at the George Mason University Antonin Scalia Law School and financial regulation expert, said in an email that Kraninger was regarded in conservative Republican circles as very "smart", but he also pointed to her lack of consumer finance experience. "But the big test will be how she performs in her Senate confirmation hearing".

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