The Senate Banking Committee voted to advance two key Trump administration nominations to the full Senate for a confirmation vote.
Jonathan McKernan narrowly received committee approval to become the next director of the Consumer Financial Protection Bureau (CFPB) via a 13-11 vote, while Bill Pulte’s nomination to head up the Federal Housing Finance Agency (FHFA) advanced via a 15-9 vote.
Democrats unanimously opposed McKernan’s CFPB nomination, following a contentious confirmation hearing during which the former Federal Deposit Insurance Corp. Board member was critical of the bureau’s supervisory and enforcement approach in the past.
His assertions that the bureau has operated in a “politicized” manner and should take a more “data driven” approach to regulation and enforcement were well-received by Republicans on the committee who voted unanimously in favor of advancing his nomination to the full Senate.
McKernan indicated he did not believe the amount of funds returned to harmed consumers should be a measure of the bureau’s value. He was also noncommittal in his responses to questions whether he would lift the stop work order implemented by acting director Russ Vought. However, in the interest of following the law, he said he would ensure statutorily mandated offices within the agency would be operational.
All but two Democrats voted against Pulte’s nomination to lead the FHFA. Similar to McKernan, the prominent CEO of the private equity firm Pulte Capital Partners reiterated multiple times during his confirmation hearing his stated intention to adhere to the statutory mandates tied to the agency’s operations, if he is confirmed.
Pulte touted his credentials as a mortgage industry veteran but offered scant details about his views on the best approaches to potentially ending the conservatorship of the government-sponsored enterprises (GSEs) or regulatory changes that might address the lack of new home construction in the country or the ongoing affordability crisis.
Both nominees asserted multiple times that they would have a clearer view of what needed to be done at their respective agencies once confirmed.
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