Trump to nominate CFBP pick Jonathan McKernan for Treasury post

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Trump to nominate CFBP pick Jonathan McKernan for Treasury post

Jonathan McKernan testifies during a Senate Banking, Housing and Urban Affairs Committee confirmation hearing on Capitol Hill in Washington, D.C., U.S., February 27, 2025.

Annabelle Gordon | Reuters

President Donald Trump plans to nominate

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to be undersecretary of domestic finance at the

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, months after the president tapped McKernan to lead the embattled Consumer Financial Protection Bureau, Treasury Secretary Scott Bessent announced Friday.

A statement issued by the Treasury Department did not say that Trump has pulled McKernan’s CFPB nomination from Senate consideration.

But it does note that McKernan “has been an advisor at the Treasury Department while awaiting Senate confirmation to lead the Bureau of Consumer Financial Protection.”

“During that time, McKernan has become an integral part of the Secretary’s senior team,” the statement said. “His continued service at Treasury will ensure that his experience and expertise are best put to advancing the President’s America First agenda.”

The Trump administration has worked to gut the CFPB since the president took office in January.

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The Senate has not voted on McKernan’s nomination for CFPB, but his nomination was favorably reported out of the Committee on Banking, Housing and Urban Affairs, after he appeared before that panel in February.

CNBC has requested comment from McKernan, the White House, the Treasury Department and the Senate Banking Committee.

Trump in February fired Rohit Chopra, who had been the CFPB director since 2021.

McKernan previously served on the board of directors of the Federal Deposit Insurance Corporation and held senior roles at the Federal Housing Finance Agency, the Senate, and Treasury.

— Additional reporting by CNBC’s Kevin Breuninger and Emily Wilkins

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