Ahead of Thursday’s Hearing, Warren Presses CFPB Director Nominee McKernan on Plans to Lead the Agency Amidst the Trump-Musk Sabotage
“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.”
“CFPB leadership is even more important in light of efforts by President Trump, billionaire Elon Musk, and other members of the Trump Administration to dismantle the agency.”
Washington, D.C. – U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Committee on Banking, Housing, and Urban Affairs, wrote to Consumer Financial Protection Bureau Director-Designate Jonathan McKernan ahead of his nomination hearing this Thursday, questioning him on how he would lead the CFPB’s critical work to protect American consumers while President Trump and Elon Musk are illegally trying to shut down the agency.
“Do you agree with President Trump that the CFPB is an ‘important thing to get rid of?’” asked Ranking Member Warren. “If confirmed, will you refuse to execute any unlawful directives from President Trump, Mr. Musk, DOGE, the Office of Management and Budget, and other federal officials?”
Ranking Member Warren also raised her significant concerns about Elon Musk’s conflicts of interest, given the work CFPB does to supervise the auto lending industry and to protect consumers from corporate malfeasance and scams. She noted that Mr. Musk owns X, which recently announced a plan to launch a digital payment platform with Visa, and owns Tesla, which offers options to finance vehicle purchases. Ranking Member Warren asked McKernan to commit to ensuring that all federal officials engaged in decision-making involving the CFPB are in compliance with federal ethics laws.
“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.” wrote Ranking Member Warren.
“At your nomination hearing on February 27, 2025, you must demonstrate to the U.S. Senate Committee on Banking, Housing, and Urban Affairs that you are willing and able to advocate for consumers, the CFPB, and the robust enforcement of consumer protection law, no matter the directives you receive to the contrary,” wrote Ranking Member Warren.
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