Senate Confirms Jonathan McKernan as Treasury Under Secretary for Domestic Finance
The 51–47 vote places an FDIC veteran in position to help steer a deregulatory agenda spanning capital rules, bank mergers, fintech guidance, plus the future of Fannie Mae, Freddie Mac.
Overview
- The Senate approved McKernan in a 51–47 roll call, finalizing his move to oversee Treasury’s domestic finance portfolio.
- In a statement, he thanked President Trump and Treasury Secretary Scott Bessent and said he would work to advance the administration’s economic agenda.
- Bessent praised McKernan’s credentials and said he will help reverse what he described as government overreach from previous administrations.
- Trade groups including the Consumer Bankers Association, U.S. Mortgage Insurers, the National Housing Conference and the Mortgage Bankers Association welcomed the confirmation.
- The former FDIC board member, whose CFPB nomination was withdrawn in May, is expected to shape policy on bank capital and mergers, bank–fintech guidance, and the path forward for Fannie Mae and Freddie Mac.