GSE Recap/Release and FHFA's Enterprise Regulatory Capital Framework For Dummies and Non-Capital Nerds (Because the ERCF is Here to Stay)

Jonathan McKernan's nomination for Treasury Undersecretary for Domestic Finance signals that the ERCF will be here to stay. Here's why, and why it shouldn't adversely affect GSE recap/release.

Secretary of the Treasury Scott Bessent announced on May 9, 2025 President Trump’s intent to nominate Jonathan McKernan to serve as the Undersecretary of Domestic Finance at the U.S. Department of th…