In the midst of Unrest, Trump calls Jonathan McKernan director of CFPB
President Trump nominated Jonathan McKernan, who previously served as a board member of the FDIC and senior policy advisor on FHFATo be the director of the CFPB On Tuesday, draining a chaotic week in front of the desk.
McKernan also has experience in the Senate, who has been served as a senior financial policy advisor of Senator Bob Corker, a Republican in Tennessee who served as chairman of the influential senate function for foreign relations, as well as a counselor of the senate committee for banking, housing and urban affairs in 2021-2022. Mckernan also served as a senior adviser to the American treasury.
McKernan inherits a government agency that was almost closed last week at the command of President Trump – through acting directors Scott Bessent, Minister of Finance, and then Russell Vought, director of the White House Office of Management and Budget.
Vought was appointed acting director on Friday evening and quickly moved to close the majority of the agency’s activities on Saturday, making staff instructed to terminate supervision activity, investigations and enforcement activities and the effective data of all final rules issued or published To suspend that have been published or published but have not become in operation.
It is important that Vough also cut off the financing of the agency and placed this message on his X Account Saturday evening: “Based on the Consumer Financial Protection Act, I informed the Federal Reserve that CFPB will not take its next draw of non -suitable financing because it is not ‘reasonably necessary’ to perform its duties. The current balance of the $ 711.6 million agency is in fact excessive in the current tax environment. This spigot, which contributes for a long time to the irresponsibility of CFPB, is now being switched off. “
On Sunday, Vought also closed the CFPB headquarters and all the staff ordered this week to work from home before they give them all the work of the desk on Monday.
The nomination of McKernan was sent to the Senate for confirmation, where it is probably approved.
It is interesting, while a board member at the FDIC, McKernan insisted on stronger supervision of large asset managers. He argued that their size and concentrated property could give them an incorrect influence on the management and strategy of domestic banks. His position had won some support from former FDIC board member Rohit Chopra, the earlier CFPB director.
