President Trump today nominated former FDIC Board Member Jonathan McKernan as undersecretary of domestic finance at the Treasury Department. McKernan was Trump’s nominee to head the Consumer Financial Protection Bureau, but that nomination has failed to advance in the Senate.
McKernan has been an advisor at the Treasury Department while awaiting Senate confirmation to lead the CFPB, the department said in a news release. “During that time, McKernan has become an integral part of the Secretary [Scott Bessent]’s senior team. His continued service at Treasury will ensure that his experience and expertise are best put to advancing the president’s America First agenda.”
In a statement on X, ABA President and CEO Rob Nichols said McKernan was “exceptionally qualified” for the Treasury Department position “and we wish him a speedy confirmation process.”
The Trump administration did not immediately say whether it plans to nominate another person as head of the CFPB. The bureau has been led on an acting basis by Russ Vought, director of the Office of Management and Budget, who has attempted to trim the agency’s workforce to only about 200 employees. A federal court paused that effort after the union representing CFPB employees sued to halt the firings.
