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Trump's Nominee for Consumer Bureau Director Overcomes Key Senate Obstacle

The Senate banking panel voted on Thursday to advance the nomination of former regulator Jonathan McKernan as the head of the Consumer Financial Protection Bureau, a position the White House has supported since last month.

The vote, which was 13 to 11, with all Republicans in favor and all Democrats opposed, paves the way for McKernan's nomination to be voted on by the full Senate at a later date.

Additionally, the panel approved the nominations of William Pulte to lead the Federal Housing Finance Agency and Stephen Miran as chairman of the Council of Economic Advisers.

McKernan previously served as a Republican board member at the Federal Deposit Insurance Corporation. He was known for criticizing former Chairman Martin Gruenberg's handling of a sexual harassment scandal and overseeing reform efforts.

While former President Trump and key adviser Elon Musk advocated for eliminating the CFPB, McKernan stated in confirmation hearings that he would "fully and faithfully" uphold consumer financial laws. He did, however, express concerns about what he believed to be the agency's excessive enforcement and regulatory overreach.

After taking charge of the CFPB in February, the Trump administration made significant changes, including dismissing numerous employees, canceling contracts, and altering agency operations. Legal challenges prompted efforts to reverse some of these changes, temporarily retaining more CFPB staff.

Originally planning to dismiss almost all employees in mid-February, officials adjusted this plan following negotiations with a union representing agency workers.