He’s already received the official nomination — by no less than President Donald Trump himself — of Jonathan McKernan. He’s about to become undersecretary of domestic finance at the Treasury Department. McKernan is having a considerable effect behind the scenes of the administration. It is the second time he has been tapped to run the Consumer Financial Protection Bureau (CFPB).
McKernan’s nomination as deputy for the CFPB is currently pending a Senate vote. In fact, the Committee on Banking, Housing and Urban Affairs has already returned it with a favorable report. On February 27, 2025, he sat in front of the Senate’s E.P.W. in Washington, D.C., for his confirmation hearing. During that time, he made a personal and passionate case for his qualifications and vision for the role. The CFPB’s been through a lot in recent years. It has yet to see a permanent director since the Trump administration fired Rohit Chopra back in 2021.
Beyond his current nomination, McKernan has a deep history in financial regulation and oversight. He has been nominated to serve on the board of directors for the Federal Deposit Insurance Corporation. Further, he served in leadership positions at the Federal Housing Finance Agency and Senate. His wealth of experience in these positions has positioned him as a credible candidate for the undersecretary role at Treasury.
Scott Bessent, the current Treasury Secretary, announced McKernan’s nomination and emphasized his integral role in the Secretary’s senior team. The Treasury Department highlighted McKernan’s experience, stating that “his continued service at Treasury will ensure that his experience and expertise are best put to advancing the President’s America First agenda.”
The nomination reflects a broader strategy by the Trump administration to strengthen its financial regulatory framework while navigating ongoing controversies surrounding the CFPB. With McKernan’s appointment, officials hope to bolster US Treasury leadership, deepening a whole-of-government approach to TIFIA and strengthening a unified approach to domestic finance.
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