The Senate confirmed Jonathan McKernan to be become the U.S. Treasury’s undersecretary for domestic finance by a 51-47 party-line vote on Oct. 7 with all “yea” votes cast by Republicans.
When President Donald Trump nominated McKernan for the Treasury role in May, he was awaiting confirmation for the role of permanent director of the Consumer Financial Protection Bureau (CFPB), and the Senate Banking Committee had already voted to advance his nomination.
Days after nominating McKernan to be Treasury undersecretary, Trump withdrew his nomination for the role at the bureau.
“It is an honor to continue my career in public service to the American people as under secretary of domestic finance,” McKernan said in a statement. “I want to thank President Trump and [Treasury Secretary Scott] Bessent for their confidence in me to further the economic agenda of this administration as we look to accelerate this nation’s sustainable economic growth.”
“Jonathan’s credentials make him an ideal leader for Treasury’s domestic finance portfolio,” Bessent said. “He will play an instrumental role in strengthening our economy by clawing back the government overreach and excess that defined previous administrations.”
Numerous financial industry insiders welcomed McKernan’s nominations for both positions, including Mortgage Bankers Association President and CEO Bob Broeksmit.
“We believe that he will demonstrate a balanced perspective on issues pertaining to fiscal policy, financial markets, housing affordability and financial institutions,” Broeksmit said. “Importantly, Undersecretary McKernan will play a key role in the future of Fannie Mae and Freddie Mac (the GSEs). We will work collaboratively with Treasury staff and the Federal Housing Finance Agency to develop and execute a careful and calibrated plan for the GSEs’ future in a way that avoids any market disruption or increased costs for borrowers.”
McKernan previously served on the Federal Deposit Insurance Corp. Board of Directors from Jan. 5, 2023, until just prior to nomination to head the CFPB on Feb. 11, 2025.