President Trump intends to nominate an associate director at the Office of Management and Budget to lead the government's consumer watchdog agency.
A White House spokeswoman said the nominee, Kathy Kraninger, "will bring a fresh perspective and much-needed management experience" to the Consumer Financial Protection Bureau.
The agency "has been plagued by excessive spending, dysfunctional operations, and politicized agendas. As a staunch supporter of free enterprise, she will continue the reforms of the bureau initiated by Acting Director Mick Mulvaney," the spokeswoman said.
Mulvaney has been filling in as the bureau's acting director along with running the OMB since late November when his predecessor, Richard Cordray, resigned.
Mulvaney has steered the bureau in a more industry-friendly direction since he took over.
The White House hopes Kraninger "will be promptly confirmed by the Senate."
The Associated Press contributed to this report.