The director of the consumer office resigns after the investiture of Biden

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The director of the Office of Consumer Financial Protection (CFPB), Kathy Kraninger, resigned on Wednesday at the request of newly appointed President Biden, paving the way for his candidate to lead the powerful regulatory agency.

Kraninger, a Republican appointed by the former President TrumpDonald Way: Lil Wayne gets eleven hours of Trump’s pardon Trump grants clemency to more than 100 people, including Bannon Trump hopes to forgive Bannon: reports MORE, announced his departure via Twitter about an hour after Biden was sworn in as the 46th president of the United States.

“I support the president’s constitutional prerogative to appoint senior officials within the government who support the president’s political priorities, which ensures that our government responds to the will of the people as expressed in the presidential election.” wrote Kraninger.

It was confirmed that Kraninger would lead the CFPB in December 2018 for a period that would last until 2023. She was the agency’s second full-time director, which was created by Dodd-Frank Wall’s 2010 reform law. Street to monitor how banks, lenders, card companies and debt managers treat their customers.

Biden could have fired Kraninger if he had not resigned thanks to the Supreme Court ruling in a challenge to the constitutionality of the CFPB backed by Kraninger and the Trump administration. The court ruled that the structure of the CFPB was unconstitutional in June and resolved the issue by removing a provision limiting the time when the president can remove the director of the office.

Kraninger’s resignation gives Biden the opportunity to quickly appoint an acting director to lead the CFPB to his eventual candidate, Rohit ChopraRohit ChopraHillicon Valley: Biden picks up stress need for cybersecurity at confirmation hearings | The president of the FTC will resign this month Progressives warn against appointing technical informants for key antitrust roles Biden consumer office selection could take over agency on opening day, is confirmed. Chopra is currently the federal commissioner of commerce and Biden you could name it direct the CFPB on an interim basis until it is formally appointed.

Chopra is expected to take a much more aggressive stance towards the financial industry than Kraninger, following in the footsteps of the former director Richard CordrayRichard Adams: The choice of CordrayBiden’s consumer office could take over the agency on the opening day. The consumer office veterinarian who fought Trump will lead Biden’s plans to review the agency. (D) and Sen. Elizabeth WarrenSenate Democrats are calling on Biden to immediately invoke the Defense Production Act. The selection of the Biden consumer office could take over the agency on the opening day MORE (D-Mass.), The CFPB Architect.

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