The Senate on Tuesday confirmed Jonathan McKernan as under secretary for domestic finance at the U.S. Department of the Treasury.
“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 Secretary 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.”
Treasury Secretary Scott Bessent commented that McKernan’s credentials “make him an ideal leader for Treasury’s domestic finance portfolio.”
“He will play an instrumental role in strengthening our economy by clawing back the government overreach and excess that defined previous administrations. I look forward to working with him as we lay the economic foundation for America’s Golden Age,” Bessent added.
McKernan was rumored to be the Consumer Financial Protection Bureau’s (CFPB) new leader back in February, but his nomination did not result in any action.
In May, Bessent said in an announcement that President Trump intended to nominate McKernan as the Treasury Department’s undersecretary of domestic finance.
Industry reactions
Consumer Bankers Association (CBA) President and CEO Lindsey Johnson released a statement congratulating McKernan, calling him “uniquely qualified” for the role.
“America’s leading Main Street banks remain committed to fueling economic growth, expanding access to capital, and supporting consumers and small businesses across the nation while also ensuring the safety and soundness of the financial system,” Johnson said. “We look forward to working with Under Secretary McKernan and Secretary Bessent to advance policies that foster innovation, promote competitiveness, and strengthen the resilience of our nation’s economy.”
U.S. Mortgage Insurers (USMI) President Seth Appleton also congratulated McKernan, noting his confirmation passed by a 51–47 vote.
“USMI congratulates Jonathan McKernan on his Senate confirmation to oversee the Treasury Department’s Office of Domestic Finance,” Appleton said. “Under Secretary McKernan’s distinguished record of public service – including his work at the Treasury Department, Federal Deposit Insurance Corporation, Federal Housing Finance Agency, and U.S. Senate – and his extensive knowledge of housing, banking, and financial services issues prepare him well to perform this important role on behalf of the American people.”
National Housing Conference President and CEO David M. Dworkin said McKernan’s experience will be critical as Treasury considers the future of Fannie Mae and Freddie Mac.
“I want to congratulate the U.S. Treasury Department on the confirmation of Jonathan McKernan as under secretary for domestic finance,” Dworkin said. “McKernan brings an incredibly diverse set of skills and experience to one of the most important economic positions in the administration. His leadership in bringing together a broad range of stakeholders to inform the Trump administration’s consideration of the future of Fannie Mae and Freddie Mac will provide important intellectual capital to ensure that the mortgage finance system, taxpayers, and homebuyers across the country are well served.
Mortgage Bankers Association President and CEO Bob Broeksmit said he anticipates McKernan providing a “balanced perspective” on fiscal policy, financial markets, housing affordability and financial institutions.
“Importantly, Undersecretary McKernan will play a key role in the future of Fannie Mae and Freddie Mac. 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,” Broeksmit added.
