The Senate Banking Committee voted in favor of President Donald Trump’s nomination of Jonathan McKernan to lead the Consumer Financial protection Bureau. The Senate Banking Committee voted 13-11 to advance McKernan’s nomination as Director of the CFPB, moving it to the full Senate for confirmation. McKernan would lead the beleaguered agency, that has been largely crippled by the Trump Administration.
McKernan was not the only nominee advanced by the panel. The other three consisted of Bill Pulte, a private equity CEO who is up for the top job at the Federal Housing Finance Agency, Jeffrey Kessler, a trade lawyer who is up for a Department of Commerce role and Stephen Miran, an economist and investment strategist nominated for chair the Council of Economic Advisers.
While President Trump has dedicated much effort in dismantling the CFPB, as he aims to reduce administrative spending and reduce regulation, many perceive the CFPB as a necessary agency purposed for defending American citizens against fraud and scams. “I have deep, substantive reservations about these nominees,” Elizabeth Warren said. “Jonathan McKernan … is clearly being sent in by co-presidents Trump and Elon Musk to unleash the scammers, the fraudsters, and cheats on the American people.”
Others, including Senate Banking Chair Tim Scott, see McKernan’s nominations as well as the other three nominees as a step in the right direction and believe that they will guide the CFPB towards much needed change.
“As the Director of the Bureau of Consumer Financial Protection, Jonathan McKernan will ensure accountability and much needed reforms to curtail the weaponization of this rogue agency,” according to Scott. “These nominees represent a path forward — a path toward economic resurgence, job creation, and renewed prosperity for every American family. Their confirmation is not just a formality; it’s a commitment to putting our nation back on track after years of uncertainty and stagnation.”
This nomination comes at a time in which the CFPB has essentially shut down. In just the past month, it dismissed numerous lawsuits against top companies and will seemingly continue to do so. 
Jacob Horowitz is a contributing editor at Compliance Chief 360°