From 1981 to 1986, Abernathy worked as an economist with the United States Senate Committee on Banking, Housing, and Urban Affairs's Subcommittee on International Finance & Monetary Policy. From 1987 to 1989, he was a senior legislative assistant of Sen.Phil Gramm (R–Tex.). He was economist for the Senate Committee on Banking, Housing, and Urban Affairs from 1989 to 1994. From 1995 to 1998, he was the Staff Director of the Committee's Subcommittee on Securities. He then served as the full Committee's Staff Director from 1999 to 2002.[1]
Upon leaving government service in 2005, Abernathy joined the American Bankers Association as Executive Vice President for Financial Institutions Policy and Regulatory Affairs.[1]