U.S. Senator Elizabeth Warren has expressed concerns regarding the nomination of Jonathan McKernan as Director of the Consumer Financial Protection Bureau (CFPB). In a letter addressed to McKernan, ahead of his nomination hearing scheduled for Thursday, Warren questioned how he plans to lead the agency amidst efforts by President Trump and Elon Musk to undermine it.
Warren emphasized the importance of CFPB leadership in light of these challenges. She stated, "The agency requires a leader who is serious about lowering costs for working Americans, holding bad actors accountable, and proactively protecting the public from scams, fraud, and abuse."
She also asked McKernan if he agrees with President Trump's stance that the CFPB should be dismantled and whether he would resist any unlawful directives from Trump or Musk. Warren raised concerns about Musk's potential conflicts of interest due to his ownership stakes in companies like X and Tesla, which could benefit from decisions made by the CFPB.
"Actions by Mr. Musk and DOGE at the CFPB also have the potential to directly benefit X, Visa, and Tesla—and by extension, further enrich Mr. Musk," Warren wrote.
The senator urged McKernan to ensure compliance with federal ethics laws among federal officials involved with CFPB decision-making. She stressed that during his nomination hearing on February 27, 2025, McKernan must demonstrate his commitment to advocating for consumers and enforcing consumer protection laws.