Jonathan Mckernan, the candidate of US President Donald Trump to be the director of the Consumer Financial Protection Bureau, decreases on the day he testifies during a Banking Senate, Housing and Urban Affairs Committee on the Capitol Hill Committee Confirmation Committee in Washington, DC, SH.BA, February 27.
Annabelle Gordon | Reuters
President Donald Trump’s election to lead the Consumer Financial Protection Bureau on Thursday resisted baking by Democratic senators who repeatedly asked him to confirm that he would support his legal obligations to run the agency.
Printed by Senators including Elizabeth Warren from Massachusetts, Jonathan Mckernan, a former member of the Federal Board of the Deposit Insurance Corporation, told lawmakers that he would “fully and faithfully” apply “laws regarding CFPB mission.
“My legal career began as the 2008 financial crisis was starting,” McKernan said. “Watching that crisis unfolded left me with a sustainable conviction that we must have a financial regulatory system that works for everyday Americans. Consumer protection is essential for this purpose.”
However, McKernan made it clear that he disagreed with the way Rohit Chopra’s predecessor led the agency. In the opening speech, he said CFPB “acted in a politicized way”, exceeded its legal authority, damaged consumers by inadvertently raising prices and suffering from a “crisis of legitimacy”.
“This should be corrected if CFPB will reliably do what it is thought to do: take care of the US consumer,” said Mckernan, a former corporate bank lawyer and senate aide.
Since the acting director of CFPB Russell Vought took over this month, the agency has closed its headquarters in Washington, fired about 200 employees and told those who remain to stop almost all work. These movements, along with a claim by a CFPB union that Vought aims to ignite more than 95% of the agency staff, has sparked fears that the agency faces extinction.
On Thursday ago, CFPB rejected at least four implementation lawsuits, including actions against A capital and a Berkshire Hathaway unit.
US Senator Elizabeth Warren (D-MA) speaks at a rally outside the Consumer Financial Protection Bureau (CFPB) on February 10, 2025 in Washington, DC.
Anna Moneymaker | Getty Images
Warren Mckernan press if he would support CFPB’s legal requirements, including a free website and free line for consumer complaints, as well as maintenance of advocacy offices for military veterans and older citizens.
“Each of the offices I think you mentioned is mandated with the statute,” McKernan said. “Yes, I will follow the law.”
By making a list of a list of public comments and steps made by the Trump administration showing that the office could be completely closed, Warren asked how effective McKernan could be.
“Kind is a kind of feels like you are lined up to be number 1 at the glue factory,” Warren said.
For his part, Mckernan said that if confirmed by the Senate, he would “magnify the right” CFPB, as well as “refocate it” and “would make it responsible”.
Sen. Jack Reed, D.-Ri, followed, adding that Vought has canceled rent at the agency’s headquarters and dismissed issues against “predatory lenders”. Reed also mentioned the reporting of both Trump and Yught, who is also the head of the Management and Budget Office, want to eliminate the office.
“You will put in a very difficult position,” Reed said. “You don’t seem to have a lot of presidential support or ombial support, and I have this sinking feeling that you are leaving Liverpool in Titanic. Good luck.”
Mckernan did not verbally respond to the reed comment, just smiling firmly as he triggered a little.