Trump names ally Brian Johnson to be CFPB’s newest – Business News
President Donald Trump on Wednesday named Brian Johnson as his selection to be the subsequent director of the Consumer Financial Protection Bureau, turning to a trusted former aide and financial companies govt who helped run the CFPB during his first time period to now run the bureau for the remaining of his second time period in workplace.
Johnson was the deputy director of the bureau below Trump’s first CFPB director, Kathy Kraninger, and was identified for being a highly effective aide to Kraninger during her tenure who had vital leeway in deciding what the bureau ought to or shouldn’t work on. Since leaving the CFPB in 2020, Johnson labored at Patomak Global Partners and was most just lately a senior govt on the credit card giant Capital One.
If confirmed by the Senate, Johnson will inherit a bureau that’s largely been inoperable since Trump got here back into workplace and put his funds director, Russell Vought, in charge on an appearing foundation. Much of the bureau’s latest exercise has directed at unwinding its earlier work.
Johnson was the deputy director of the bureau below Trump’s first CFPB director, Kathy Kraninger.
Congress created the CFPB within the aftermath of the 2008 financial disaster and subsequent recession, designed to operate as an unbiased financial regulator with broad enforcement authority over client financial services and products. Republicans have long seen the CFPB as an company with an excessive amount of centralized energy and unaccountable to Congress, they usually have repeatedly tried to diminish it since its creation.
Johnson has long been a vocal critic of the bureau’s work, notably below President Joe Biden’s selection to run the bureau, Rohit Chopra. However, Johnson’s earlier public statements in regards to the bureau differ considerably from Vought, who has publicly stated he would love the CFPB shut down or eradicated. Vought’s tenure as appearing director will run out in August.’
A view of the Consumer Financial Protection Bureau (CFPB) headquarters building in Washington, DC, on February 10, 2025. AFP through Getty Images
While Johnson testified in 2023 to the House Financial Services Committee that the bureau is “ripe for reform” both by Congress or internally, he believed that “properly structured and managed, (the CFPB) is capable of great good.”
Lindsey Johnson, the president and CEO of the banking industry foyer group Consumer Bankers Association, described Johnson as having a “tenured background steeped in consumer protection policy.” Lindsey Johnson is unrelated to Brian Johnson.
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Johnson’s nomination will go to the Senate Banking Committee, the place Sen. Elizabeth Warren, the bureau’s largest advocate, is now the top-ranking Democrat on the committee. Warren was a critic of Johnson when he was deputy director of the bureau during Trump’s first time period, and was additionally important of Johnson’s nomination.
“Russ Vought can no longer serve as Donald Trump’s hatchet man at the CFPB. So here comes the next hatchet man to try to finish the job,” Warren stated in a assertion.
