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Nominations of Kathleen Laura Kraninger and Kimberly A. Reed Hearing

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Nominations of Kathleen Laura Kraninger and Kimberly A. Reed Hearing S. HRG. 115–348 NOMINATIONS OF KATHLEEN LAURA KRANINGER AND KIMBERLY A. REED HEARING BEFORE THE COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS UNITED STATES SENATE ONE HUNDRED FIFTEENTH CONGRESS SECOND SESSION ON NOMINATIONS OF: KATHLEEN LAURA KRANINGER, OF OHIO, TO BE DIRECTOR, BUREAU OF CONSUMER FINANCIAL PROTECTION KIMBERLY A. REED, OF WEST VIRGINIA, TO BE PRESIDENT, EXPORT–IMPORT BANK JULY 19, 2018 Printed for the use of the Committee on Banking, Housing, and Urban Affairs ( Available at: http://www.govinfo.gov/ U.S. GOVERNMENT PUBLISHING OFFICE 32–318 PDF WASHINGTON : 2018 VerDate Nov 24 2008 11:22 Oct 12, 2018 Jkt 046629 PO 00000 Frm 00001 Fmt 5011 Sfmt 5011 L:\HEARINGS 2018\07-19 NOMINATIONS\HEARING\71918.TXT JASON COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS MIKE CRAPO, Idaho, Chairman RICHARD C. SHELBY, Alabama SHERROD BROWN, Ohio BOB CORKER, Tennessee JACK REED, Rhode Island PATRICK J. TOOMEY, Pennsylvania ROBERT MENENDEZ, New Jersey DEAN HELLER, Nevada JON TESTER, Montana TIM SCOTT, South Carolina MARK R. WARNER, Virginia BEN SASSE, Nebraska ELIZABETH WARREN, Massachusetts TOM COTTON, Arkansas HEIDI HEITKAMP, North Dakota MIKE ROUNDS, South Dakota JOE DONNELLY, Indiana DAVID PERDUE, Georgia BRIAN SCHATZ, Hawaii THOM TILLIS, North Carolina CHRIS VAN HOLLEN, Maryland JOHN KENNEDY, Louisiana CATHERINE CORTEZ MASTO, Nevada JERRY MORAN, Kansas DOUG JONES, Alabama GREGG RICHARD, Staff Director MARK POWDEN, Democratic Staff Director ELAD ROISMAN, Chief Counsel JOE CARAPIET, Senior Counsel KRISTINE JOHNSON, Economist ELISHA TUKU, Democratic Chief Counsel LAURA SWANSON, Democratic Deputy Staff Director COREY FRAYER, Democratic Professional Staff Member HOMER CARLISLE, Democratic Professional Staff Member PHIL RUDD, Democratic Legislative Assistant DAWN RATLIFF, Chief Clerk CAMERON RICKER, Deputy Clerk JAMES GUILIANO, Hearing Clerk SHELVIN SIMMONS, IT Director JIM CROWELL, Editor (II) VerDate Nov 24 2008 11:22 Oct 12, 2018 Jkt 046629 PO 00000 Frm 00002 Fmt 0486 Sfmt 0486 L:\HEARINGS 2018\07-19 NOMINATIONS\HEARING\71918.TXT JASON CONTENTS THURSDAY, JULY 19, 2018 Page Opening statement of Chairman Crapo ................................................................. 1 Prepared statement .......................................................................................... 54 Opening statements, comments, or prepared statements of: Senator Brown .................................................................................................. 3 NOMINEES Kathleen Laura Kraninger, of Ohio, to be Director, Bureau of Consumer Financial Protection ............................................................................................. 7 Prepared statement .......................................................................................... 55 Biographical sketch of nominee ....................................................................... 57 Responses to written questions of: Senator Brown ........................................................................................... 84 Senator Rounds ......................................................................................... 107 Senator Menendez ..................................................................................... 108 Senator Warren ......................................................................................... 113 Senator Van Hollen ................................................................................... 118 Senator Cortez Masto ................................................................................ 121 Senators Brown and Warren .................................................................... 123 Senators Brown, Reed, Menendez, Warner, Warren, Schatz, Van Hol- len, and Cortez Masto ........................................................................... 130 Senators Brown, Menendez, Warren, and Cortez Masto ....................... 136 Kimberly A. Reed, of West Virginia, to be President, Export–Import Bank ...... 9 Prepared statement .......................................................................................... 63 Biographical sketch of nominee ....................................................................... 67 Responses to written questions of: Senator Brown ........................................................................................... 144 ADDITIONAL MATERIAL SUPPLIED FOR THE RECORD Documents submitted in support of the nomination of Kathleen Laura Kraninger .............................................................................................................. 147 Documents submitted in support of the nomination of Kimberly A. Reed ......... 165 Letter submitted by Francis Creighton, President and CEO, Consumer Data Industry Association ............................................................................................ 178 (III) VerDate Nov 24 2008 11:22 Oct 12, 2018 Jkt 046629 PO 00000 Frm 00003 Fmt 5904 Sfmt 5904 L:\HEARINGS 2018\07-19 NOMINATIONS\HEARING\71918.TXT JASON VerDate Nov 24 2008 11:22 Oct 12, 2018 Jkt 046629 PO 00000 Frm 00004 Fmt 5904 Sfmt 5904 L:\HEARINGS 2018\07-19 NOMINATIONS\HEARING\71918.TXT JASON NOMINATIONS OF KATHLEEN LAURA KRANINGER AND KIMBERLY A. REED THURSDAY, JULY 19, 2018 U.S. SENATE, COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS, Washington, DC. The Committee met at 10:05 a.m., in room SD–538, Dirksen Sen- ate Office Building, Hon. Mike Crapo, Chairman of the Committee, presiding. OPENING STATEMENT OF CHAIRMAN MIKE CRAPO Chairman CRAPO. This hearing will come to order. This morning we will consider the nomination of two individuals to serve in critical leadership roles within the Administration. I welcome both of you, and congratulations on your nominations to these important offices. I see friends and family here together with you today, and I welcome them as well. The nominees before us are Kathy Kraninger, to be the Director of the Bureau of Consumer Financial Protection, and Kimberly Reed, to be the President of the Export–Import Bank of the United States. These positions are critically important to protecting consumers in the consumer financial products and services marketplace and facilitating global trade of U.S. goods and services. These nominees bring years of valuable experience at nonprofits and in public serv- ice and will provide valued leadership in carrying out the missions of their agencies. Ms. Kraninger has had a distinguished career in public service with exposure to a diverse set of Federal agencies, as well as devel- oping a particular expertise in the budget and appropriations proc- esses. Since March 2017, Ms. Kraninger has served as Associate Direc- tor for General Government at the Office of Management and Budget where she oversees and monitors approximately $250 bil- lion in budgetary resources for numerous Cabinet departments and Federal agencies. She has also served as OMB’s principal policy official for issues related to the Treasury Department, Department of Housing and Urban Development, and Federal financial regulators. Prior to joining OMB, she held leadership positions at the De- partment of Transportation and the Department of Homeland Se- curity, as well as serving on the staff of several congressional com- mittees. (1) VerDate Nov 24 2008 11:22 Oct 12, 2018 Jkt 046629 PO 00000 Frm 00005 Fmt 6633 Sfmt 6633 L:\HEARINGS 2018\07-19 NOMINATIONS\HEARING\71918.TXT JASON 2 Given her depth and diversity of public service experience, I have the utmost confidence that she is well prepared to lead the Bureau in enforcing Federal consumer financial laws and protecting con- sumers in the financial marketplace. Ms. Reed was considered by this Committee last year as the nominee to serve as the First Vice President of the Export–Import Bank, and today we consider her nomination to be its President. Ms. Reed also has had a distinguished career in public service, previously serving as Senior Advisor to former Treasury Secre- taries Paulson and Snow. In addition, she has served on several congressional committees and has held impressive leadership posi- tions in the private sector. Ms. Reed is well positioned to help move the Bank forward in a positive direction. With respect to Ms. Kraninger, some Senators have requested a long list of documents, including emails, schedules, involvement in memos, White House communications, et cetera, relating to Ms. Kraninger’s role at OMB with respect to the Administration’s ‘‘zero tolerance policy’’ and the Administration’s response to Hurricane Maria in Puerto Rico. These requests are designed to go after certain extraneous Ad- ministration policies that the requesters do not like and go far be- yond the practice of this Committee in document production. In- deed, I would not expect this Administration or any Administration to release documents related to its ongoing deliberative process, and, furthermore, my understanding is that Ms. Kraninger is not the custodian of these records and has given the request for infor- mation to the White House. As I have indicated, I do not have an expectation that the White House or the agencies involved will provide these documents, but that is an issue outside this nomination process. The Democratic Senators of this Committee asked me to delay this hearing today to seek these documents. I am unaware of the Banking Committee delaying a hearing for such a reason. To be consistent, I have followed a similar timeline as the Com- mittee set for then-nominee Richard Cordray in 2013. As a re- minder, the Senate received
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