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White House confirms that Mulvaney deputy is pick to lead consumer bureau

Mick Mulvaney, the White House budget director and acting head of the Consumer Financial Protection Bureau, has picked a deputy at the budget office, Kathy Kraninger.

“The president intends to nominate Kathy Kraninger” as the new head of the Consumer Financial Protection Bureau, which was created under the Obama administration to curb abuses by banks, the payday lending industry and other financial services companies, Lindsay Walters, a White House spokeswoman, said in a statement.

Word of Kraninger’s likely appointment was first reported Friday.

On Saturday, White House officials played down the fact that she has never held a job as a regulator or worked in the financial services industry.

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“She will bring a fresh perspective and much-needed management experience” to the agency, Walters said, “which has been plagued by excessive spending, dysfunctional operations, and politicized agendas.”

The Trump administration has criticized the consumer bureau’s aggressive regulatory posture under its Obama-appointed director, Richard Cordray.

The appointment of Kraninger, 43, a Pittsburgh native and graduate of Marquette University and Georgetown Law School, prompted immediate criticism from consumer advocates who said she was too inexperienced and too closely connected to Mulvaney.

Under his leadership, Mulvaney has sought to drastically scale back the bureau’s investigations and enforcement actions against lenders, especially in the payday industry.

A senior administration official involved in the decision to pick Kraninger said her selection was intended to turn down the temperature at the bureau and contrasted her low-key style with Mulvaney’s confrontational approach.

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Still, the official described Kraninger as an enthusiastic supporter of free markets and could not cite any policy positions with which she will differ substantively from Mulvaney’s deregulatory agenda.

Kraninger specialized in homeland security matters before joining Mulvaney’s staff at the Office of Management and Budget in March 2017.

This article originally appeared in The New York Times.

GLENN THRUSH © 2018 The New York Times

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