The U.S. Department of the Treasury has announced that Jonathan McKernan was confirmed by the U.S. Senate to serve as the Treasury’s Under Secretary for Domestic Finance.
“It is an honor to continue my career in public service to the American People as Under Secretary of Domestic Finance,” said McKernan. “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.”
McKernan has been an Advisor at the Treasury Department and has become a “integral part” of Secretary Scott Bessent’s staff, according to Treasury Department officials.
“Jonathan’s credentials make him an ideal leader for Treasury’s domestic finance portfolio,” said Secretary of the Treasury Scott Bessent. “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.”
President Trump nominated McKernan for the role in the spring. At the time, Trump had already nominated McKernan as a potential CFPB Director, but he revoked that nomination when he decided to position him for the Treasury role instead.
The Industry Reacts
Following the U.S. Senate’s vote to confirm Jonathan McKernan as the Under Secretary for Domestic Finance at the U.S. Department of Treasury, Lindsey Johnson, President and CEO of the Consumer Bankers Association (CBA), released the following statement:
“On behalf of America’s leading Main Street banks, we congratulate Jonathan McKernan on his confirmation as Under Secretary for Domestic Finance,” Johnson said. “His experience at the FDIC and throughout his career makes him uniquely qualified to help guide Treasury’s domestic finance portfolio at this pivotal moment.”
She continued: “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. 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.”
“Jonathan McKernan brings an impressive combination of experience in both regulation and markets, and we commend his thoughtful approach to complex financial issues,” said Scott Olson, Executive Director of the Community Home Lenders of America. “We look forward to working with him on the many key housing and mortgage finance issues ahead, particularly those that impact community IMB lenders and the borrowers they serve.”
David M. Dworkin, President and CEO of the National Housing Conference, also weighed in, saying, “I want to congratulate the U.S. Treasury Department on the confirmation of Jonathan McKernan as Under Secretary for Domestic Finance. 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. NHC looks forward to working with Under Secretary McKernan and Treasury Secretary Scott Bessent in the months and years ahead.”
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