Banking Attorney McKernan Confirmed to US Domestic Finance Job

Jonathan McKernan, an attorney specializing in banking and consumer financial laws, won U.S. Senate confirmation for the top domestic finance job at the Treasury Department.

McKernan was first nominated by President Donald Trump to head the Consumer Financial Protection Bureau, but the administration shifted him in May to serve as undersecretary of the Treasury for domestic finance. He was working as a consultant at the Treasury and managing meetings with the Federal Reserve and other banking institutions.

“The government will play an important role in strengthening our economy by rolling back the excesses and excesses that defined previous administrations,” Treasury Secretary Scott Bessent said in a statement released by the department late Tuesday.

Key duties for the Treasury’s domestic finance chief include overseeing debt management and the proper functioning of the $30 trillion Treasury bond market.

McKernan is a former member of the board of directors of the Federal Deposit Insurance Corporation and previously worked as an attorney in private practice on banking matters.

“I want to thank President Trump and Secretary Bessent for their confidence in me to advance this Administration’s economic agenda as we work to accelerate this country’s sustainable economic growth,” McKernan said.

McKernan is the third Senate-confirmed official currently working at the Treasury, including Bessent and John Hurley, undersecretary for terrorism and financial intelligence. Michael Faulkender, who had been serving as Deputy Undersecretary of the Treasury since March, left his post in August. In the meantime, Bessent appointed Derek Theurer to fulfill the duties of Deputy Minister.

Related: Bessent Appoints Theurer to Treasury Undersecretary Posts

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