FDIC chairman plans to resign in February, giving Biden more say in banking supervision

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Federal Deposit Insurance Corporation (FDIC) Chairman Jelena McWilliams at the Senate Banking, Housing and Urban Affairs Committee hearing in Washington, DC, USA on Tuesday, August 3, 2021.

Al Drago | Bloomberg | Getty Images

Jelena McWilliams, the head of the Federal Deposit Insurance Corporation and an alternate named by Trump, said on Friday that she intends to leave in early 2022.

McWilliams unexpectedly announced that she would resign on February 4.

This move provides President Joe Biden with another opportunity to strengthen banking supervision. McWilliams has been at the FDIC since 2018 and recently argued with Congressional Democrats about the proposed changes to the agency’s handling of bank mergers.

The Democrats already have a majority of seats on the board, and vice chairman Martin Grunberg will now take over as the acting chairman, where he will have more control. Glennberg publicly opposed the deregulation actions taken by the Fed in the past few years, and these actions have also aroused sharp criticism from the inflammatory Democratic Senator Elizabeth Warren from Massachusetts.

McWilliams did not specify the reason for her resignation, except that it was a “great honor” to serve in the Federal Deposit Insurance Corporation, the Federal Reserve, and the Senate, where she held various positions, including the Chief Legal Counsel and Deputy Chief of Staff in the House of Lords. . Banking Commission.

“During my tenure, the institution has been focused on its basic mission of maintaining and instilling confidence in our banking system, while promoting innovation, strengthening financial inclusion, increasing transparency, and supporting community banks and minority depository institutions, including By creating mission-driven bank funds,” she said in a statement.

“Today, banks continue to maintain strong capital and liquidity levels to support lending and prevent potential losses,” she added.

This move is because Biden hopes to fill another key supervisory position, the Federal Reserve Vice Chairman, who is responsible for overseeing the financial system. Recent reports indicate that Biden may nominate former Fed governor Sarah Bloom Raskin for the position.


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