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WASHINGTON -- The Senate advanced Kathy Kraninger's nomination to lead the Consumer Financial Protection Bureau in a key procedural vote Thursday, putting her one step closer to taking control of the consumer watchdog.

The chamber voted 50-49, along party lines, to advance Kraninger's nomination. A final confirmation vote could come as early as next week.

If confirmed, Kraninger would replace the bureau's acting director, Mick Mulvaney, who is also the White House budget chief and Kraninger's current boss. She is expected to continue Mulvaney's efforts to curtail the powers of the agency.

The bureau was born in response to the global financial crisis to police the way banks manage mortgages, credit cards, payday loans and other financial products. As its director, Kraninger would become one of the country's most powerful banking regulators.

"Ms. Kraninger has had a distinguished career in public service ... and brings significant leadership experience at federal agencies and on Capitol Hill," Sen. Mike Crapo, R-Idaho, chairman of the Senate Banking Committee, said before the vote Thursday.

"She has never -- I repeat, never -- worked on consumer protection issues, either in public service or in the private sector. She has zero track record of standing up for consumers," said Sen. Elizabeth Warren, D-Mass.

Business on 11/30/2018

Print Headline: Consumer-bureau nominee advances

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