McKernan Confirmed as Treasury Undersecretary

Last week, Jonathan McKernan, former Federal Deposit Insurance Corp. (FDIC) board member, was confirmed by the U.S. Senate to be the undersecretary for domestic finance at the Treasury Department. He was confirmed on a 51-47 vote, with 51 Republicans voting in favor, 45 Democrats and two Independents voting against, and two Republicans not voting.

“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,” McKernan said in a press release issued by the Justice Department, according to PYMNTS.

McKernan was nominated for the Treasury position in May, after previously being nominated to lead the Consumer Financial Protection Bureau (CFPB). While he was awaiting confirmation for the CFPB post, McKernan had served as an advisor to the Treasury. Treasury Secretary Scott Bessent said that McKernan’s credentials make him an ideal leader for the Treasury position.

“He will play an instrumental role in strengthening our economy by clawing back the government overreach and excess that defined previous administrations,” said Bessent. “I look forward to working with him as we lay the economic foundation for America’s Golden Age.”

In February, McKernan resigned from his position on the FDIC board because his term expired after having served since 2023. Prior to his time on the FDIC board, he was a senior counsel for the Federal Housing Finance Agency and aide to former Senator Bob Corker (R-Tenn.)