Trump taps CFPB director nominee Jonathan McKernan for Treasury post

Trump taps CFPB director nominee Jonathan McKernan for Treasury post


Jonathan McKernan testifies during a Senate Banking, Housing and Urban Affairs Committee confirmation hearing on Capitol Hill in Washington, D.C., U.S., February 27, 2025.

Annabelle Gordon | Reuters

President Donald Trump plans to nominate Jonathan McKernan to be undersecretary of domestic finance at the Treasury Department, months after the president tapped McKernan to lead the embattled Consumer Financial Protection Bureau, Treasury Secretary Scott Bessent announced Friday.

A statement issued by the Treasury Department did not say that Trump has pulled McKernan’s CFPB nomination from Senate consideration.

But it does note that McKernan “has been an advisor at the Treasury Department while awaiting Senate confirmation to lead the Bureau of Consumer Financial Protection.”

“During that time, McKernan has become an integral part of the Secretary’s senior team,” the statement said. “His continued service at Treasury will ensure that his experience and expertise are best put to advancing the President’s America First agenda.”

The Trump administration has worked to gut the CFPB since the president took office in January.

Read more CNBC politics coverage

The Senate has not voted on McKernan’s nomination for CFPB, but his nomination was favorably reported out of the Committee on Banking, Housing and Urban Affairs, after he appeared before that panel in February.

CNBC has requested comment from McKernan, the White House, the Treasury Department and the Senate Banking Committee.

Trump in February fired Rohit Chopra, who had been the CFPB director since 2021.

McKernan previously served on the board of directors of the Federal Deposit Insurance Corporation and held senior roles at the Federal Housing Finance Agency, the Senate, and Treasury.

— Additional reporting by CNBC’s Kevin Breuninger and Emily Wilkins



Source

The government shutdown fight hinges on ACA tax credits — and if immigrants should get them
Politics

The government shutdown fight hinges on ACA tax credits — and if immigrants should get them

The federal government may soon shut down, in large part because of a debate between Republicans and Democrats over Obamacare subsidies and whether some immigrants should get those financial benefits. Republicans claim Democrats want to give health care to “illegal immigrants.” Democrat, in turn, say that’s a lie. Democrats say they are only trying to […]

Read More
Trump says Harvard to pay 0 million in deal with administration
Politics

Trump says Harvard to pay $500 million in deal with administration

A glimpse into the Harvard University campus on May 24, 2025 in Cambridge, Massachusetts. Vcg | Visual China Group | Getty Images President Donald Trump said on Tuesday that his administration had reached a deal with Harvard University after months of negotiations and that the Ivy League school will pay $500 million. “Linda is finishing […]

Read More
Government shutdown: ‘Democrats should do the right thing,’ Speaker Johnson says
Politics

Government shutdown: ‘Democrats should do the right thing,’ Speaker Johnson says

House Speaker Mike Johnson (R-LA) accompanied by Vice President J.D. Vance, Senate Majority Leader John Thune (R-SD), and Office of Management and Budget Director Russ Vought, speaks during a press conference following a meeting between President Trump and Congressional Democratic leaders on funding the government, in Washington, DC on September 29, 2025. Nathan Posner | […]

Read More