FDIC board member Jonathan McKernan today announced that he is stepping down from his position. He joined the board in 2023 after being nominated by former President Biden.
McKernan was one of two Republican FDIC board members during the Biden administration, with the other being current acting Chairman Travis Hill. No more than three members of the board can be from the same party, with two seats held by the leaders of the Office of the Comptroller of the Currency and Consumer Financial Protection Bureau.
“My term has expired, and with the new Acting Comptroller [Rodney Hood], we would have more Republicans on the board than permitted by law,” McKernan said in a post on X. “I’ve every confidence that under the new FDIC leadership, the FDIC will succeed in its mission while also reversing the regulatory overreaches of the last few years.”
