Porter is among the freshman lawmakers who flipped the House to Democratic control this year after she won in an upscale Orange County district that had been held by Republicans for more than 30 years.
Rep. Katie Porter questions Tim Sloan, president and chief executive of Wells Fargo, during a House Financial Services Committee hearing on March 12, 2019. By Renae Merle Renae Merle Reporter covering white-collar crime and Wall Street Email Bio Follow March 14 at 7:00 AM By the time it was Rep. Katie Porter’s turn to ask Tim Sloan a question, the Wells Fargo chief executive had already taken a beating from more than two dozen members of the House Financial Services Committee.
She enters the chamber with powerful backers. Porter took a bankruptcy class taught by a law professor named Elizabeth Warren, now a senator from Massachusetts, that she has said changed her life trajectory. In 2012, Sen. Kamala D. Harris , then California’s attorney general, picked Porter to oversee the distribution of a $25 billion settlement with big banks for fraudulent foreclosures. The Intercept has called Porter an “enemy of the Wall Street foreclosure machine.
Porter said in an interview that she has already met with several industry officials since taking office, including Sloan a week before the hearing. She added that she expects to take on a range of issues, including housing affordability. “I thought about these issues for years” before taking office, she said. “I happen to love financial services.”And Porter said she understands the angst of the committee’s witnesses.
Kraninger’s answer didn’t appear to impress Porter, who later said the CFPB director had got the definition wrong. The congresswoman then asked Kraninger, who has extensive experience in homeland security but little in consumer finance, to calculate the APR for a $200 payday loan.
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