US Senate Confirms Treasury Official as Government Shutdown Continues

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A majority of lawmakers within the US Senate voted to verify Jonathan McKernan as Beneath Secretary for Home Finance on the Division of the Treasury.

In a Tuesday vote of 51 to 47, the Senate confirmed McKernan to the US Treasury, serving beneath Secretary Scott Bessent. Although the US authorities has been shut down since lawmakers didn’t cross a invoice extending funding past Sept. 30, Congress can primarily proceed to function.

McKernan, nominated to the Treasury by US President Donald Trump in June, has beforehand instructed opposition to debanking insurance policies within the authorities, however didn’t explicitly tie the alleged apply to any affiliation with digital belongings. In a December X publish, he cited an article from economist Tyler Cowen questioning whether or not the US banking system may “combine with crypto.”

Government, Banks, Funding, Senate, United States
Supply: Jonathan McKernan

As undersecretary for home finance, McKernan would help Bessent on points associated to the US financial system. Former undersecretaries in his place have weighed in on a US central financial institution digital foreign money and the way the Treasury Division may fit with the Federal Reserve and Federal Deposit Insurance coverage Company (FDIC) on banking insurance policies.

Associated: US Treasury’s Bessent backpedals: Bitcoin buying still possible

McKernan beforehand served on the FDIC and was initially tapped to go the Client Monetary Safety Bureau earlier than Trump withdrew his nomination in Could.

Authorities shutdown slows regulatory, legislative progress

The US authorities shutdown entered its eighth day on Wednesday. A Republican-led stopgap invoice to fund the federal government failed by 54 to 45 within the Senate, not assembly the 60-vote threshold to cross.

Republicans at the moment maintain a slim majority within the chamber and want Democratic votes to reopen the federal government. Democrats have requested for an extension of healthcare subsidies and a reversal of cuts from a July funding invoice.