In a recent hearing, Democratic lawmakers interrogated nominee McKernan about his prospective leadership role in the Consumer Financial Protection Bureau (CFPB), which has faced challenges from the Trump administration. Senator Elizabeth Warren raised concerns over the agency's current state after actions taken by OMB Director Russell Vought, which effectively sidelined employees. McKernan stressed his commitment to adhering to the statutory duties outlined under the Dodd-Frank Act, despite the controversies surrounding the bureau's operations and the perception of employee inaction.
Mr. McKernan, you've been nominated to run this agency where Elon Musk has told everyone to do nothing. It kind of feels like you've been lined up to be the No. 1 horse at the glue factory, Warren said.
As [CFPB] director, you are tasked with some very specific statutory responsibilities, McKernan said. Those are mandatory, not optional.
The North Star here is you've got to follow the law, and fully and faithfully execute the statute, he said. I take that very seriously.
Warren turned her attention to actions taken by Russell Vought, the director of the White House Office of Management and Budget (OMB), in his capacity as acting CFPB director.
#consumer-financial-protection-bureau #mckernan-nomination #democratic-lawmakers #trump-administration #dodd-frank-act
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