McKernan was first nominated by President Donald Trump to take the helm of the Consumer Financial Protection Bureau, but the administration shifted in May to tap him to become Treasury undersecretary for domestic finance. He had been working as an adviser at the Treasury, leading meetings with the Federal Reserve and other bank agencies.
“He will play an instrumental role in strengthening our economy by clawing back the government overreach and excess that defined previous administrations,” Treasury Secretary Scott Bessent said in a statement released by the department late Tuesday.
Among the key tasks for the Treasury’s head of domestic finance is overseeing debt-management and the smooth functioning of the $30 trillion Treasuries market.
McKernan is a former member of the Federal Deposit Insurance Corp.’s board of directors, and previously worked as an attorney in private practice on banking matters.
“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 said.
McKernan is the third Senate-confirmed official now working at Treasury, including Bessent and the undersecretary for terrorism and financial intelligence, John Hurley. Michael Faulkender, who had held the position of deputy Treasury secretary since March, departed in August. Bessent has tapped Derek Theurer to perform the duties of the deputy Secretary in the meantime.
Related: Bessent Taps Theurer for Deputy Secretary Duties at Treasury
This article was generated from an automated news agency feed without modifications to text.
