"That's one small step for [a] man,
One giant leap for Mankind."
- Neil Armstrong, Astronaut
This day in 1969
Senate Works on Nominations
The Senate's summer schedule has been filled with hearings and floor debate on several nominations for federal agencies. To keep track of it all, here's a quick rundown.
Consumer Financial Protection Bureau: Kathleen Kraninger to become Director. Status: Senate Banking Committee held a hearing this week. Next step: a vote by the committee. You can read her opening statement here, along with statements by Committee Chairman Mike Crapo (R-ID) here and Ranking Member Sherrod Brown (D-OH) here.
Federal Deposit Insurance Corporation: Jelena McWilliams to become Chair. Status: The Senate confirmed McWilliams in late May.
Federal Housing Administration: Brian Montgomery to become FHA Commissioner and Assistant Secretary for Housing at the Department of Housing and Urban Development. Status: The Senate confirmed Montgomery in late May.
Federal Reserve Board: Kansas Banking Commissioner Miki Bowman, Richard Clarida and Marvin Goodfriend to become Governors. Status: The Senate Banking Committee has approved these nominations. Next step: They await votes by the full Senate.
Ginnie Mae: Michael Bright to become President. Status: Senate Banking Committee to hold hearing next week.
Office of Financial Research: Dino Falaschetti to become Director. Status: Senate Banking Committee to hold hearing next week.
Securities and Exchange Commission: Elad Roisman to become a Member. Status: Senate Banking Committee to hold hearing next week.
We'll keep your updated as the Senate takes further action.
Nominee for CFPB Director Discusses State Partnerships in Confirmation Hearing
Kathleen Kraninger, the Trump Administration's nominee for CFPB Director, expressed support during her Senate confirmation hearing for state financial regulators and touted the Bureau's relationship with the states.
Included in her opening statement, Kraninger noted "The Bureau should work closely with the other financial regulators and the States on supervision and enforcement."
When asked by Senator Catherine Cortez Masto (D-NV) about why she supported coordination with the state regulators, Kraninger said:
"The partnership with state regulators is essential, I believe. To the point that you noted, the states have been engaged in the enforcement process... The law actually stipulates that. [States] existed prior to the Bureau and were engaged in this activity prior to the Bureau's existence, and the statute specifically calls out that important coordination role, whether it's with enforcement actions or otherwise."
Kraninger committed herself to carrying out the duties of the Bureau as described in law, including working with the states to provide a national perspective. Kraninger also highlighted the importance of information-sharing with states and supported the ability for state attorneys general to enforce rules issued by the CFPB.
Kraninger requires a confirmation vote by the full Senate in order to become the Director of the Bureau.