Senate panel approves Trump's nominee for consumer watchdog

August 23, 2018 - 9:39 am

NEW YORK (AP) — The Senate Banking Committee has approved Kathy Kraninger to run the Consumer Financial Protection Bureau with a 13-12 party-line vote.

The approval comes despite protests from Senate Democrats who said President Donald Trump's nominee is unqualified to lead the consumer watchdog.

Kraninger is currently a mid-level executive in the White House's budget office, working directly under Mick Mulvaney, who holds dual roles as the president's budget director and as acting director of the CFPB.

Mulvaney has moved to roll back many of the CFPB's rules and regulations. Kraninger has given little guidance on how she plans to run the bureau, but she's expected to operate the bureau similarly to Mulvaney.

Her nomination will now move to the full Senate.

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