ATR Supports Kathy Kraninger for BCFP Director

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Posted by James Setterlund on Monday, November 26th, 2018, 8:30 AM PERMALINK

UPDATE 11/26/18: Americans for Tax Reform issued a new letter of support for Ms. Kraninger’s nomination before the full Senate.

The full letter can be found here and below. 

November 26, 2018

The Honorable Mitch McConnell
Majority Leader, United States Senate
S-230, The Capitol,
Washington DC 20510

Dear Majority Leader McConnell:

I write in support of Kathleen Kraninger for the position of Director of the Bureau of Consumer Financial Protection. Throughout her time in public service, Ms. Kraninger has been a conscious steward of taxpayer resources ensuring accountability at all levels of government and gained experience by leading teams within multiple federal agencies.

With the creation of the Bureau as a result of the Dodd-Frank Act, its structure deliberately allowed the agency to shield itself from nearly all accountability or taxpayer oversight. It’s first and former director under the previous administration demonstrated how a lack of transparency can lead to mismanagement of resources, an activist regulatory agenda and courts ruling its structure unconstitutional.

Acting Director Mulvaney has made his intent clear that under his leadership the Bureau will follow the letter of the law as written in Dodd-Frank, preventing the agency from regulating entities not defined by the law, a forgone but common practice under the previous director, depriving legal businesses of proper due process. As a result of Mulvaney’s leadership, the Bureau has become more transparent while protecting consumer financial choices in the marketplace. I am confident Ms. Kraninger will continue to emphasize this level of accountability while putting the interests of consumers ahead of political ideology.

It is critically important the Bureau has continued leadership that is mindful its regulatory impacts on affordable financial products. Americans for Tax Reform praises President Trump’s nomination of Ms. Kraninger and was supportive of her nomination before the Senate Banking Committee.

Ms. Kraninger’s nomination is an important step toward providing transparency at the agency. I encourage all members of the Senate to support her confirmation as Director of the Bureau of Consumer Financial Protection.

Sincerely,

Grover G. Norquist 
President Americans for Tax Reform

UPDATE 7/16/18: Americans for Tax Reform also joined 12 other conservative groups in signing onto a coalition letter by the National Taxpayers Union supporting the confirmation of Kathy Kraninger.

Americans for Tax Reform released a letter of support for the confirmation of Kathy Kraninger to the position of Director of the Bureau of Consumer Financial Protection.

Kraninger has accrued valuable experience in her time as a career civil servant. She will undoubtedly follow in the footsteps of Acting Director Mick Mulvaney’s efforts to rein in the previously unaccountable and overly activist agency.

Echoing Financial Services Committee Chairman Jeb Hensarling’s praise, ATR President Grover Norquist said: “At the BCFP, she’ll follow the letter of the law and work towards expanding consumer choice. I am confident Ms. Kraninger will continue to put the interests of consumers ahead of political ideology.”

The full letter can be found here and below.  

 

July 9, 2018
 

The Honorable Mike Crapo, Chairman
Senate Committee on Banking, Housing and Urban Affairs
534 Dirksen Senate Office Building.
Washington, D.C. 20510
 

The Honorable Sherrod Brown, Ranking Member
Senate Committee on Banking, Housing and Urban Affairs
534 Dirksen Senate Office Building.
Washington, D.C. 20510
 

     Dear Chairman Crapo and Ranking Member Brown:

I write in support of Kathleen Kraninger for the position of Director of the Bureau of Consumer Financial Protection. Throughout her time in public service, Ms. Kraninger has been a steward of taxpayer and government accountability, gaining experience by leading teams within multiple federal agencies. 

With the creation of the Bureau as a result of the Dodd-Frank Act, its structure allowed the agency to shield itself from nearly all accountability of taxpayer oversight. It’s first and former director under the previous administration demonstrated how a lack of transparency can lead to mismanagement of resources, an activist regulatory agenda and courts ruling its structure unconstitutional.

Under the leadership of current BCFP Acting Director and Director of the Office of Management and Budget Director Mick Mulvaney has emphasized Bureau accountability and focused on enforcement measures that punish bad actors, while protecting consumers financial choices in the market place. I am confident Ms. Kraninger will continue to put the interests of consumers ahead of political ideology.

Americans for Tax Reform praises this nomination as an important stride toward reversing the harm that regulatory burdens have inflicted on the very consumers it was created to protect under the authority of the previous Director. As President of Americans for Tax Reform, I share the same concerns of House Financial Services Committee Chairman that without proper leadership and change, the Bureau will continue to operate as prosecutor, judge and jury, depriving legal businesses of proper due process. Thankfully, President Trump has nominated a candidate that has a proven record of government management experience                                                  

Since its founding, the Bureau has regulated through enforcement and created an environment that lacks oversight and certainty, putting consumers further out of reach from affordable financial products. Ms. Kraninger’s nomination is a step in the right direction toward providing transparency at the agency. I encourage you to support her confirmation as Director of the Bureau of Consumer Financial Protection. 
 

Sincerely,
 

Grover G. Norquist
President
Americans for Tax Reform

 

Photo Credit: Courtesy of Matthew J. Adams

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