Jonathan McKernan, the candidate for U.S. President Donald Trump, serves as director of the Bureau of Consumer Financial Protection, testified at the Senate Banking, Housing and Urban Affairs Committee on Washington, DC, U.S. District, U.S. on February 27, at the Senate Banking, Housing and Urban Affairs Committee confirmation hearing.
Annabelle Gordon | Reuters
President Donald Trump’s Choose a leader Consumer Financial Protection Bureau Democratic senators endured a barbecue Thursday, repeatedly asking him to confirm that he would stick to his legal obligations to run the agency.
Under pressure from senators including Elizabeth Warren of Massachusetts, former Federal Deposit Insurance Company Commission member Jonathan McKernan told lawmakers that he would “full and faithfully” execute laws related to the CFPB mission.
“My legal career began when the financial crisis began in 2008,” McElnan said. “Watching this crisis developed, I firmly believe that we must have a financial regulatory system that suits everyday Americans. Consumer protection is crucial to that.”
Still, McNanlan made it clear that he disagrees with how his predecessor Rohit Chopra runs the agency. In his opening remarks, he said that the CFPB “acts in a politicized way” exceeded its legal authority and hurts consumers by unintentionally raising prices and suffering from a “legality crisis.”
“If CFPB is to do what it should be done reliably: look for American consumers, it must be corrected.”
Since acting as a CFPB director Russell vs. The agency occupied this month, which closed its Washington headquarters, fired about 200 employees and told those who stayed Almost all jobs. The moves, along with allegations from the CFPB union, aimed at firing more than 95% of the agency’s employees, have also stimulated the agency to face extinction concerns.
Earlier Thursday, CFPB Dismissed There are at least four law enforcement lawsuits, including actions against opposition Capital One and Berkshire Hathaway unit.
U.S. Senator Elizabeth Warren (D-MA) spoke at a rally outside the Consumer Financial Protection Bureau (CFPB) in Washington, D.C. on February 10, 2025.
Anna Taxpayer | Getty Images
Warren urged McKernan whether he would stick to the CFPB’s statutory requirements, including providing websites and free calls for consumer complaints, and providing an advocacy office for military veterans and seniors.
“I think every office you mentioned is regulated by regulations,” McElnan said. “Yes, I will follow the law.”
Warren proposed McKernan’s effects, making the Trump administration’s public comments and steps that show that the bureau’s public comments and steps can be completely shut down.
“It feels like you’ve lined up to be the number one horse in the glue factory,” Warren said.
McKernan said he would “right” the CFPB, as well as “refocus on it” and “put it in charge.”
Sen. Jack Reed, D.-Ri, then, added that Vought canceled the lease for the agency’s headquarters and dismissed the case against a “predatory lender.” Reed also mentioned that Trump and Vark are also heads of the Office of Management and Budget, and he hopes to eliminate the bureau.
“You’re going to be placed in a very difficult position,” Reed said. “You don’t seem to have a lot of presidential support or OMB support, and I have this sunk feeling that you’re leaving the Titanic in Liverpool. Good luck.”
McKennan did not verbally respond to Reid’s comments, but just smiled as he nodded slightly.
