Secretary of the Treasury Scott Bessent has announced President Trump’s intent to nominate Jonathan McKernan to serve as Undersecretary of Domestic Finance at the U.S. Department of the Treasury.
McKernan has been an Advisor at the Treasury Department while awaiting Senate confirmation to lead the Consumer Financial Protection Bureau (CFPB). During that time, McKernan has become an integral part of the Secretary’s senior team.
“His continued service at Treasury will ensure that his experience and expertise are best put to advancing the President’s America First agenda,” said a release from the Treasury Department.
It is unclear how McKernan’s nomination for the Treasury position will impact his nomination as Director of the CFPB. The Senate Banking Committee led by Chairman Sen. Tim Scott approved McKernan’s CFPB nomination back on March 6.
“Jonathan McKernan’s current role as a Treasury Department advisor, as well as his deep experience as a regulator, in private practice, and on Capitol Hill make him a great choice to serve as Undersecretary of Domestic Finance,” said Mortgage Bankers Association (MBA) President and CEO Bob Broeksmit, CMB. “We congratulate him on his nomination and believe he will be a prudent leader on the full range of domestic finance issues, including those pertaining to fiscal policy, financial markets, financial institutions, and the housing government-sponsored enterprises.”
Sworn in as a member of the FDIC’s Board of Directors on January 5, 2023, McKernan previously was a Counsel to Ranking Member Pat Toomey on the staff of the Senate Committee on Banking, Housing, and Urban Affairs. He also has served as a Senior Counsel at the Federal Housing Finance Agency (FHFA), a Senior Policy Advisor at the Department of the Treasury, and a Senior Financial Policy Advisor to Sen. Bob Corker.
Prior to his government service, McKernan was an attorney in private practice, focused on matters under the banking and consumer financial laws.
From November 2023-May 2024, McKernan served as Co-Chairman of a Special Committee of the FDIC Board that oversaw an independent third-party review of allegations of sexual harassment and professional misconduct at the FDIC, as well as issues relating to the FDIC’s workplace culture.
McKernan holds a BA and Master of Arts in Economics from the University of Tennessee, and a JD with High Honors from Duke University’s School of Law.
