Darling, gather ’round! In the midst of this utterly preposterous government shutdown, the US Senate has managed to find time to confirm Jonathan McKernan as Under Secretary for Domestic Finance at the Treasury. Bravo, darlings, bravo! 🥂
On a Tuesday that could only be described as mildly farcical, our esteemed lawmakers voted 51 to 47 to welcome McKernan into the fold, serving under the ever-so-charming Secretary Scott Bessent. And while the government has been in a state of utter disarray since September 30, Congress, my dears, marches on with the grace of a tipsy ballerina. 🩰
McKernan, nominated by the inimitable Donald Trump in June, has previously raised an eyebrow or two with his views on debanking policies. In a December X post, he coyly referenced economist Tyler Cowen’s musings on whether the US banking system could “integrate with crypto.” How intriguing! 💸
As undersecretary, McKernan will assist Bessent in navigating the treacherous waters of the US economy. Previous incumbents in this role have dabbled in discussions about a central bank digital currency and the Treasury’s tango with the Federal Reserve and FDIC. How deliciously complex! 🕵️♂️
McKernan, a former FDIC darling, was once tipped to head the Consumer Financial Protection Bureau before Trump withdrew his nomination in May. Ah, the whims of fate! 🎭
Shutdown Follies: When the Show Mustn’t Go On
The government shutdown, now in its eighth day, continues to be the tragicomic opera we never asked for. A Republican-led stopgap bill to fund the government flopped harder than a first-night review, failing 54 to 45 in the Senate. Democrats, my dears, are holding out for healthcare subsidies and a reversal of those pesky July cuts. 🩺
While Congress can still confirm nominees and pass legislation, the shutdown has put a dampener on exchange-traded fund approvals at the SEC. And bipartisan bills, like the market structure legislation for digital assets, are left twiddling their thumbs. How exasperating! 🤦♂️
Until this farce ends, we’ll just have to sip our martinis and watch the drama unfold. Cheers, darlings! 🍸
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2025-10-08 23:43