Who Are Trump’s Picks to Lead Financial Regulators?
Three weeks in, President Donald Trump’s second term has been anything but quiet.
There was a blizzard of executive orders in the first week, covering everything from pausing a TikTok ban to reversing President Joe Biden’s artificial intelligence rules to renaming the Gulf of Mexico, as well as ongoing controversy and legal actions surrounding Elon Musk’s Department of Government Efficiency (DOGE).
Meanwhile, Trump has done something all presidents do: nominate and name new heads of various government agencies, including those governing the financial world. Those nominees and appointees include the following.
Scott Bessent, Secretary of the Treasury
Scott Bessent, a former hedge fund manager, became the nation’s top economic official last month following a 68-29 Senate vote. As treasury secretary, Bessent will be tasked with addressing the federal debt limit, working with Republicans in Congress to make the tax cuts from Trump’s first administration permanent.
His first weeks in office have been marked by headlines involving his department and DOGE, which has sought access to the treasury’s payment system, leading to at least one high-profile resignation.
Paul Atkins, Securities and Exchange Commission (SEC)
Paul Atkins, Trump’s pick to head the Securities and Exchange Commission, is no stranger to the agency, as he served as a commissioner under President George W. Bush. He also has a record of opposing strict enforcement efforts against big corporations, with records showing he voted against at least 10 enforcement actions.
Atkins is also known to hold pro-cryptocurrency leanings, a marked change from his predecessor. Former SEC Chair Gary Gensler was a vocal crypto critic who led several enforcement actions against some of the digital asset sector’s most high-profile companies.
Jonathan McKernan, Consumer Financial Protection Bureau (CFPB)
Jonathan McKernan’s nomination to the Consumer Financial Protection Bureau came down Tuesday evening (Feb. 11), one day after he resigned from his position on the Federal Deposit Insurance Corp. board. He had served on the board since 2023 and spent time as senior counsel for the Federal Housing Finance Agency and aide to former Sen. Bob Corker of Tennessee.
His nomination to lead the CFPB — replacing former Director Rohit Chopra, who was fired by Trump last week — comes as the agency is in flux. Russell Vought, the CFPB’s acting director, this month halted the bureau’s enforcement activity, closed the agency’s office, and has reportedly begun firing dozens of staffers.
Jonathan Gould, Office of the Comptroller of the Currency (OCC)
Trump tapped Jonathan Gould to serve as comptroller of the currency, which regulates national banks. Gould served as the agency’s chief counsel during the tenure of Joseph Otting, appointed during the first Trump presidency.
Last week, the White House tapped Rodney Hood, a veteran of the National Credit Union Administration’s board and banking giants like Wells Fargo, to serve as acting comptroller.
Brian Quintenz, Commodity Futures Trading Commission (CFTC)
Brian Quintenz, a former commissioner of the Commodity Futures Trading Commission, now works for the cryptocurrency unit at venture capital giant Andreessen Horowitz.
Trump plans to pick him to lead the CFTC, Bloomberg reported Tuesday.
In addition to overseeing the trading of cattle futures, election betting and complex financial products, the commission is expected to gain new powers over the cryptocurrency sector, Politico reported Tuesday.
Travis Hill, Federal Deposit Insurance Corp. (FDIC)
Travis Hill was named acting chairman of the Federal Deposit Insurance Corp. Jan. 20, and he immediately promised a “wholesale review of regulations, guidance, and manuals to ensure our rules and approach promote a vibrant, growing economy.”
However, the future of his agency, like the CFPB, is uncertain. The White House is considering shrinking the FDIC, possibly by folding it into the OCC so that its sole duty becomes providing deposit insurance for banks.
Andrew Ferguson, Federal Trade Commission (FTC)
Much like the SEC under Gensler, the Federal Trade Commission under former Director Lina Khan pursued aggressive actions against the Big Tech companies, including giants like Microsoft and Amazon.
Andrew Ferguson, a former FTC commissioner, promised upon being designated as FTC chairman Jan. 20 to reverse “the previous administration’s assault on the American way of life” and “usher in a new golden age for American businesses, workers and consumers.”
Still, the FTC is likely to take action against tech firms it believes have made false, fraudulent or overstated claims about AI, said Duane Pozza, a former FTC assistant director who is now a partner at law firm Wiley Rein.
“The new leadership at the FTC remains concerned about deception in the marketplace,” Pozza told PYMNTS last month.
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