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Senate Finance grills Jonathan McKernan on community banks, deposit insurance and regulatory tailoring
Summary
Jonathan McKernan, President Trump's nominee for Under Secretary for Domestic Finance, told the Senate Finance Committee he will "follow the law" and urged tailoring regulation to actual risk while senators pressed him on deposit insurance, community banking, taxpayer privacy and the federal debt.
Jonathan McKernan, nominated to be Undersecretary for Domestic Finance at the Treasury Department, told the Senate Finance Committee hearing that he would make regulatory tailoring and financial‑market functioning priorities if confirmed.
McKernan described his approach in his opening statement and responses to senators: "We need to continually revisit our financial regulatory framework to ensure that it is aligned with the actual risk that we're trying to regulate," he said, adding that tailoring is a "guiding star." He cited his 17 years in financial‑services law and recent service on the FDIC board as relevant…
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