Need for BCFP oversight commission stressed at Kraninger hearing

Two members of the Senate Banking Committee called for board/commission oversight of the Bureau of Consumer Financial Protection during the confirmation hearing of Kathleen Kraninger, President Donald Trump’s choice to lead Bureau.

Kraninger currently serves as associate director at the Office of Management and Budget, where she oversees the agencies responsible for border policy and coordinating disaster aid.

During the hearing Sen. Robert Corker (R-Tenn.) said BCFP is in need of oversight by a commission, citing the often political nature of the bureau’s decisions.

Sen. Jerry Moran (R-Kan.) also cited his preference in a board/commission at the Bureau. Moran said a governing body would prevent dramatic swings in policy from one director to another and create more transparency with Congress and other agencies.

 

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