Senate to Vote on Kraninger’s Nomination During Lame Duck
Senate Majority Leader Mitch McConnell (R-KY) announced yesterday that the Senate would hold a vote on Kathy Kraninger’s nomination to head the Consumer Financial Protection Bureau (CFPB) before Congress adjourns for the year. Congress has until December 14 to finalize all legislative priorities, and with a Republican-controlled Senate, Kraninger should easily obtain enough votes to be confirmed.
The Senate Banking Committee voted Kraninger out of committee along party lines this past August. A full Senate vote is all that Kraninger needs to be the new director of the CFPB.
More than 20 housing and financial sector associations, including the Housing Policy Council and the Mortgage Bankers Association, sent a letter earlier this week urging Senators Mitch McConnell (R-KY) and Chuck Schumer (D-NY) to hold a floor vote on her nomination.
“The undersigned organizations, representing the many facets of the housing and financial industries, support the nomination of Kathleen Kraninger as the Director of the [CFPB], said the letter. “Our organizations believe Ms. Kraninger has the ability to lead and manage a large government agency, like the [CFPB], which is tasked to ensure consumers’ financial interests are protected. We believe she will also fulfill the equally important role of ensuring businesses have the necessary compliance support to further those interests.”
If Congress fails to vote on Kraninger’s nomination during the lame-duck session, the nomination would then return to the president. Once the new 116th Congress convenes, Trump would then either re-nominate Kraninger or nominate someone else. Mick Mulvaney, the acting director of the CFPB, can serve for 210 days if Kraninger’s nomination is returned or rejected by the Senate.