President Trump nominated Jonathan McKernan for director of the Consumer Financial Protection Bureau (CFPB) and Jonathan Gould as the comptroller of the currency. The CFPB has been in disarray following acting director Russell Vought's suspension of operations, leading to resignations in protest. McKernan, formerly of the F.D.I.C., aims to address past regulatory excesses. Gould, with a robust background in financial law, previously served in the Treasury under Trump. Senator Warren expressed concerns about the bureau's ability to function effectively under leadership that may not prioritize consumer protection.
Mr. McKernan stated he trusted that the F.D.I.C. would succeed while also reversing the regulatory overreaches of the last few years.
Senator Elizabeth Warren highlighted that her concerns lay with whether Elon Musk and Mr. Trump would allow the consumer bureau to fulfill its mission.
Mr. Vought has advocated for abolishing the consumer bureau, complicating its role as a consumer watchdog.
Gould has extensive experience in financial regulation and served as the chief legal officer for the Office of the Comptroller of the Currency.
#trump-administration #financial-regulation #consumer-financial-protection-bureau #russell-vought #elizabeth-warren
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