FDIC chair intends to resign in February, giving Biden more say over bank regulation
Jelena McWilliams, the chairperson of Federal Deposit Insurance Corporation, speaks during hearings by Senate Banking, Housing and Urban Affairs Committees in Washington, D.C., U.S.A, on Tuesday, Aug. 3rd 2021.
Al Drago | Bloomberg | Getty Images
Jelena McWilliams is the Federal Deposit Insurance Corp’s head and was a Trump appointee. She said on Friday that she plans to resign in the early 2022.
If you are looking for a surprise announcementMcWilliams announced that she will be resigning as of February 4.
It gives you the opportunity to move. President Joe BidenHe has another chance to increase his influence on banking regulation. McWilliams is a member of the FDIC from 2018 to which he recently disagreed with congressional Democrats on proposed changes in how the FDIC handles bank mergers.
Democrats have a majority in the board, with Vice Chairman Martin Gruenberg set to assume as acting chairman. This will allow Democrats more control. Gruenberg has voiced his disapproval of the Federal Reserve’s deregulatory policies over the last several years. also have drawn sharp criticismFrom Elizabeth Warren, Massachusetts’s Democratic Senator of Firebrand.
McWilliams said that McWilliams was not resigning for any specific reason. Instead, she stated that it was a “tremendous privilege” to be at the FDIC. Fed. and Senate. McWilliams held several roles in the FDIC including chief counsel, deputy staff director, for the bank committee.
She stated that the agency’s fundamental mission was to preserve and inspire confidence in the banking system, while also promoting innovation and strengthening financial inclusion. The Mission Driven Bank Fund has been created, she added.
She said that banks “continue to have robust capital levels and liquidity to support lending and protect themselves against possible losses.”
Biden has made the move to fulfill another crucial regulatory role, which is currently being filled by Fed’s vice chairman for supervisionHe oversees the finances. Reports suggest that Biden will nominate Sarah Bloom Raskin (former Fed Governor) for the post.