The Senate banking panel’s vote on Thursday advanced former regulator Jonathan McKernan’s nomination to lead the Consumer Financial Protection Bureau (CFPB), a move supported by all Republicans and opposed by Democrats. McKernan, a former Republican board member at the Federal Deposit Insurance Corporation, has pledged to enforce consumer financial laws while criticizing the CFPB for what he sees as excessive enforcement and regulatory overreach. The panel also approved the nominations of William Pulte to lead the Federal Housing Finance Agency and Stephen Miran as chairman of the Council of Economic Advisers.

The Trump administration, along with key adviser Elon Musk, has expressed intentions to eliminate the CFPB, but McKernan has committed to upholding consumer financial laws if confirmed. The CFPB has faced significant changes since February, including dismissals of employees, contract cancellations, and regulatory pauses. Legal challenges have prompted some reversals of these actions, with an agreement in place to prevent further dismissals of CFPB workers. Initially, plans were in motion to dismiss most staff in mid-February, as revealed by employee union lawyers.

These developments underscore the ongoing tensions and changes within the CFPB under the current administration. The confirmation of McKernan and the approval of other key nominations signal potential shifts in the direction and oversight of financial regulatory agencies in the coming months.