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Benjamin K. Olson quoted in American Banker article, “Trump's CFPB choice faces uphill battle — and that's part of the plan”

American Banker

Benjamin K. Olson

Benjamin K. Olson was quoted on June 18, 2018 in an American Banker article, “Trump's CFPB choice faces uphill battle — and that's part of the plan,” which discussed President Trump’s nomination of Kathy Kraninger as director of the Consumer Financial Protection Bureau, and the probability that she will be confirmed. The article stated, “With Sen. John McCain, R-Ariz., still out on extended medical leave, Senate Republicans have just 50 votes, giving them no room to maneuver if Democrats stay united. If even one GOP senator opposes Kraninger, her nomination will fail. But that risk appears to be part of the White House plan, according to industry observers, and ultimately designed to extend Mulvaney’s tenure as acting CFPB director for as long as possible.”

Olson added, “Either Ms. Kraninger is confirmed and she continues the reforms begun by Mulvaney for a five-year term, or her nomination is defeated and Mulvaney continues the reforms himself until well into next year. The longer the nomination process lasts, the longer the Vacancies Act allows Mulvaney to stay.”

Click here to read the full article.