Kraninger Has No Record on Consumer Protection or Banking/Financial Regulation Issues
WASHINGTON, D.C. – Today, consumer advocacy organization Allied Progress launched a six-figure television ad buy in the D.C. area to educate viewers about the record of Kathy Kraninger, President Trump’s nominee to lead the Consumer Financial Protection Bureau (CFPB). Kraninger has no record of consumer protection or on regulatory issues in the banking and financial sector. The record she does have, as the ad details, is riddled with numerous examples of epic mismanagement. The U.S. Senate Committee on Banking, Housing, and Urban Affairs will hold Kraninger’s confirmation hearing on Thursday.
The ad encourages viewers to contact their Senators by calling 202-224-3131 or visiting KathyKraninger.com. In addition to this initial one-week television ad buy, versions of this ad have been created for an extensive digital buy targeting Senators Crapo (D-ID), Donnelly (D-IN), Heitkamp (D-ND), Heller (R-NV), Jones (D-AL), Kennedy (R-LA), Tester (D-MT), and Tillis (R-NC).
“We deserve a consumer champion at the CFPB, not Kathy Kraninger. She has no record of consumer protection or with holding powerful Wall Street special interests accountable – key traits the American people expect in the nation’s next chief consumer advocate,” said Karl Frisch, executive director of Allied Progress.
He continued, “Mick Mulvaney and the Trump administration are trying to paint Ms. Kraninger as some sort of management guru who is ready to fix a supposedly out-of-control government agency. As is often the case, their spin couldn’t be further from the truth. The CFPB is a tremendous success that has returned billions of dollars from financial scammers to tens of millions of Americans.”
“The truth is, Kathy Kraninger’s career has been marked by numerous high-profile examples of epic mismanagement. Whether it was bungling the terrorist watch list during the Bush administration or her ties to President Trump’s immigrant child separation policy or his disastrous response to the crisis in Puerto Rico following Hurricane Maria, Kraninger’s abysmal record should disqualify her from serious consideration,” he concluded.
Kraninger Record Highlights:
- Zero Experience with Consumer Protection or Banking/Financial Regulation: No experience suitable for such an important job but has worked under Mick Mulvaney and is seen as a likely puppet to continue his assault on the CFPB and important consumer protections. [Bloomberg, 06/15/18.]
- Oversaw Trump Agencies Separating Immigrant Children from their Families: Helped craft budget increasing funding for immigrant detention facilities3 and was likely involved in policies leading to the separation of immigrant children from their families at the Southern border. [American Banker, 06/19/18; United States Government Manual, accessed 06/29/18; Office of Management and Budget, FY 2019; Center for American Progress, 02/16/18; “Budget-in-Brief: Fiscal Year 2019 – Homeland Security,” DHS.gov, accessed 06/21/18.]
- Oversaw Agencies Responsible for Disastrous Response to the crisis in Puerto Rico after Hurricane Maria: Oversaw agencies which led the disastrous response to the crisis in Puerto Rico following Hurricane Maria. Experts have claimed that many people died after the hurricane because of the weak response and the island still lacks reliable power. [Armed Forces Communications and Electronics Association (AFCEA) Conference, 2017 and Orlando Sentinel, 06/28/18; The Washington Post, 05/29/18; Vox, 06/02/18; The New York Times, 05/06/18; USA Today, 05/30/18.]
- Oversaw Inept Attempts to Fix Error-Riddled Terrorist Watch List: Responsible for fixing errors on the list but told Congress she couldn’t guarantee that she could remove someone like John Lewis, a civil rights icon and Congressman who was detained at the airport more than 30 times. [U.S. Department of State, 01/17/06 and U.S. Department of Homeland Security, 09/20/06; Hearing of the House Committee on Homeland Security, 11/08/07; CNN.com, 08/20/04.]
Script – “Train Wreck” (WATCH)
“We depend on the CFPB to keep Wall Street, payday lenders and scam artists in line. But Trump’s choice to lead it is off the rails. Kathy Kraninger lacks any experience dealing with consumer protection. Failed to properly manage the terrorist watch list… Enabled Trump’s family separation immigration policy. And oversaw agencies that abandoned Puerto Rican evacuees after Hurricane Maria. Tell your Senators to stop Kathy Kraninger before this train wreck hits you.” [Tell Sen. Tester, Heitkamp, Jones, Donnelly, Crapo, Heller, Kennedy, Tillis.]
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