Today, Consumer Financial Protection Bureau (CFPB) Director Kathy Kraninger testified before the House Financial Services Committee to deliver the CFPB’s semi-annual report to Congress. Congressman Blaine Luetkemeyer (MO-03), Ranking Member of the Subcommittee on Consumer Protection and Financial Institutions, delivered the following opening statement:

Director Kraninger, we’re happy to welcome you for your semi-annual testimony before this Committee and congratulate you as the newly-confirmed Director of the Bureau of Consumer Financial Protection.

The Bureau is a unique entity that, as CFPB Director, with no commission or board over you, you are accountable to no one. To quote your predecessor, Mr. Mulvaney, the director has the kind of absolute power which would “frighten” most of us.

In the past, my Democratic colleagues sang the praises of the CFPB Director’s ability to independently lead the Bureau in its well-intended mission. Today, my colleagues are going to pick apart every single decision you have made or could make as Director, simply because President Trump appointed you.

Transparency and accountability are guiding principles of our American democracy, not the tenets of partisan politics. I trust that in your tenure at the CFPB you will ensure consumers are well protected by prioritizing increased accountability and transparency in the actions of the Bureau and those it oversees.

I congratulate you again on your well-deserved confirmation and look forward to working alongside you as you lead the Bureau to meet its mission. 

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