From the board of the federal bank deposit insurance agency, to nominee to run the federal consumer financial protection agency, Jonathon McKernan has now bounced to be the next top Treasury liaison to financial institutions after his confirmation by the Senate late Tuesday.
McKernan – who served for two years on the board of the Federal Deposit Insurance Corp. (FDIC) until he resigned in February – was, for a while, the nominee of President Donald Trump to be director of the Consumer Financial Protection Bureau (CFPB). However, in June, Trump apparently rethought that nomination and withdrew it. Instead, McKernan was nominated to be Treasury’s under secretary for domestic finance.
Treasury’s domestic finance office oversees the agency’s financial institutions, financial markets, fiscal service, and financial stability offices.
In a statement Tuesday, Treasury Secretary Scott Bessent said McKernan’s role – among other things – that he will be “instrumental” in “clawing back the government overreach and excess that defined previous administrations.”
Aside from his shifting roles within financial regulation, McKernan has extensive experience as a congressional staff member. Before joining the FDIC Board, McKernan was a senior counsel at the Federal Housing Finance Agency (FHFA), but had been on detail from FHFA to the Senate Banking Committee where he was a counsel on the committee’s Republican minority staff. He also previously served as a senior policy advisor at the Treasury Department and to former Sen. Bob Corker (R-Tenn.). He also served in private law practice.
Jonathan McKernan Confirmed by the United States Senate
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