FDIC chairman resigns after warning Democrats to launch ‘hostile takeover’
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FDIC President Jelena McWilliams announced her resignation on Friday in an open letter to President Biden, just weeks after warning of a “hostile takeover” of the agency by Democrats.
McWilliams, a Serbian immigrant, has lived in the country for decades and boasts a distinguished career in law, finance and banking policy.
“When I immigrated to this country 30 years ago, I did so with a firm belief in the American system of government,” McWilliams wrote in the letter.
“During my tenure on the Federal Reserve Board of Governors, the United States Senate, and the FDIC, I developed a deep appreciation for these venerable institutions and their traditions.”
UNITED STATES – MAY 16: Jelena McWilliams, President of the Federal Deposit Insurance Corporation, testifies at a House Financial Services Committee hearing at Rayburn Building titled “Oversight of Prudential Regulators: Ensuring the Safety, Soundness and Accountability of Megabanks and other deposit-taking institutions ”on Thursday, May 16, 2019. (Photo by Tom Williams / CQ Roll Call)
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She continued: “Throughout my tenure, the agency has focused on its core mission of maintaining and building trust in our banking system while promoting innovation, strengthening financial inclusion, improving transparency and supporting community banks and minority deposit-taking institutions, including through the creation of the Mission Driven Bank Fund.
McWilliams was appointed to this post in 2018 under former President Trump. His resignation will be effective on February 4.
McWilliams did not provide a direct reason for his resignation in his letter to the president. However, she previously published a December editorial in which she described a “hostile takeover” of the FDIC by the Democrats.
WASHINGTON, DC – AOT 03: Jelena McWilliams, President of the Federal Deposit Insurance Corporation (FDIC), testifies during a hearing before the Senate Committee on Banking, Housing and Urban Affairs at the Dirksen Senate office building on August 3, 2021 on Capitol Hill in Washington, DC. The committee held a hearing on “Oversight of Regulators: Does Our Financial System Work for Everyone?” (Photo by Alex Wong / Getty Images)
“Of the 20 presidents before me in the FDIC, nine faced the majority of the opposing party’s board members, including Mr. Gruenberg as President of President Trump until I did. replaced as president in 2018, ”McWilliams wrote in his op-ed. “Never before has a majority of the board tried to bypass the president to pursue its own agenda.”
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“This conflict is not about bank mergers. If that were the case, the board members would have been willing to work with me and the FDIC staff rather than attempting a hostile takeover of internal processes,” the staff and program of the FDIC board of directors. “
