The director of the Consumer Protection Bureau (CFPB), Kathy Kraninger, resigned on Wednesday at the request of newly sworn President Biden, who paved the way for his nominee to lead the powerful regulatory agency.
Kraninger, a Republican appointed by former President Trump
Lil Wayne gets 11th hour of Trump forgiveness Trump gives mercy to more than 100 people, including Bannon Trump who is expected to forgive Bannon: reports MORE, announced her departure via Twitter about an hour after Biden was inaugurated as the 46th President of the United States.
“I support the president’s constitutional privilege of appointing senior government officials who support the president’s policy priorities, ensuring that our government responds to the will of the people as expressed in presidential elections,” Kraninger wrote.
As requested by the Biden Administration, I resign today as Director of the CFPB. I am proud of everything we have accomplished on behalf of consumers. It was an honor to lead the agency during these challenging times. pic.twitter.com/tlK4IpOOLN
– Kathy Kraninger (@CFPBDirector) 20 January 2021
Kraninger was confirmed to lead the CFPB in December 2018 for a term lasting until 2023. She was the second full-time director of the agency, created by the Dodd-Frank Wall Street Reform Act in 2010 to oversee how banks, lenders, credit card companies and debt service workers treat their customers.
Biden could have fired Kraninger if she had not resigned thanks to the Supreme Court ruling in a challenge to the CFPB’s constitutionality, backed by Kraninger and the Trump administration. The court found the structure of the CFPB unconstitutional in June and resolved the issue by limiting a provision that could be curtailed when the president could dismiss the director from office.
Kraninger’s resignation gives Biden the opportunity to quickly appoint an acting director to lead the CFPB to his eventual nominee, Rohit Chopra
Rohit ChopraHillicon Valley: Biden Selects Cybersecurity Needed in Confirmation Hearings FTC Chairman Retires This Month | Progressive people warn against appointing technology insiders to the main antitrust roles Biden choice of the consumer bureau could take over the agency on the inauguration day., is confirmed. Chopra is currently a Federal Trade Commissioner and Biden could hire him to lead the CFPB on an acting basis until it is formally nominated.
Chopra is expected to take a much more aggressive stance towards the financial industry than Kraninger did, in the footsteps of the former director Richard Cordray
Richard Adams Cordray: A consumer agency choice could take over the agency on inauguration day. The consumer bureau veterinarian who fought Trump will lead Biden’s plans to revamp the agency. (D) and Sen. Elizabeth Warren
Elizabeth WarrenBiden opts for Pentagon voyages through confirmation hearing Senate Democrats call on Biden to immediately appeal the Defense Production Act. The Biden Consumer Agency can take over the agency on Inauguration Day MORE (D-Mass.), The CFPB’s architect.