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6h ago

Trump Nominates CFPB Pick Jonathan McKernan for Treasury Role, Adding to Confirmation Uncertainty

McKernan's nomination for Treasury undersecretary raises questions about the stalled Senate confirmation of his CFPB directorship as the agency's future remains in flux.

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Jonathan McKernan, the nominee to be director of the Consumer Financial Protection Bureau who hasn't yet received a Senate floor vote, will be tapped for a Treasury post, the department said.
Jonathan McKernan, nominee for director of the Bureau of Consumer Financial Protection, testifies at a hearing of the Senate Banking Committee on Feb. 27, 2025, at the Dirksen Senate Building in Washington, D.C. (Kayla Bartkowski/Getty Images/TNS)

Overview

  • President Donald Trump has officially nominated Jonathan McKernan for undersecretary of domestic finance at the Treasury Department, while his confirmation as CFPB director remains pending in the Senate.
  • McKernan's CFPB nomination, approved by the Senate Banking Committee in March, has not advanced to a floor vote due to ongoing debates over downsizing the agency.
  • Senate Banking Chair Tim Scott has stated that a vote on McKernan's CFPB nomination will not occur until the bureau achieves what he calls its 'right size,' a process currently stalled by a federal injunction against planned layoffs.
  • McKernan has served as a Treasury advisor during his CFPB nomination process and is seen as a key figure in advancing the Trump administration's deregulatory agenda.
  • It remains unclear how McKernan's new Treasury nomination will impact his CFPB nomination or the broader efforts to reshape the agency, which has returned $21 billion to consumers since its creation.