President Donald Trump on Tuesday nominated a slate of top financial regulators, including a permanent head of the Consumer Financial Protection Bureau, an agency that his administration has spent days dismantling, according to people familiar with the decision.
Trump picked Jonathan McKernan, who resigned Monday from the Federal Deposit Insurance Corp. board, to lead the consumer bureau, replacing Biden appointee Rohit Chopra, an aggressive regulator whom he ousted last month. He also tapped Jonathan Gould, a Jones Day partner, to be the permanent comptroller of the currency, a bank regulator, and Brian Quintenz to run the Commodity Futures Trading Commission, which is likely to have a strong hand in overseeing the cryptocurrency market.
The moves come as Trump and his allies push for a drastic makeover of the financial regulatory system, reversing Biden-era policies that drew criticism from Republicans and industry groups for being too heavy-handed. But in many cases, Trump and Elon Musk’s DOGE operation are seeking to go much further to knock down federal oversight of finance, such as slashing the workforces of banking regulators and gutting the CFPB, which was created after the 2008 financial crisis.
It’s not clear how Trump’s selection of several experienced Republican financial regulators, who are generally seen as mainstream picks that will be cheered by industry, will mesh with those efforts to tear down and reorganize existing regulatory structures.
Read more in POLITICO.