Stock Groups

Trump-appointed McWilliams resigns as chair of Democrat-majority U.S. FDIC board -Breaking


© Reuters. FILEPHOTO: Jelena MCWILLIAMS, Chairman, Federal Deposit Insurance Corporation, speaks at the 2021 Milken International Global Conference, Beverly Hills, California. U.S. Oct 18, 2021. REUTERS/David Swanson

By Katanga Johnson

WASHINGTON (Reuters] – Friday’s announcement by the Republican-led head of U.S. Federal Deposit Insurance Corporation was made after she clashed against the majority-Democratic board. She will be stepping down effective February 4, 2022.

Jelena McCWilliams’ term expires in mid-2023. She had been appointed as a Trump reservist in June 2018.

However, McWilliams is now outnumbered on the board by Democrats, which in recent weeks set off a messy public fight over who should set the board’s agenda.

Three Democrats have appointed three FDIC board members: Rohit Chopra (Director Consumer Financial Protection Bureau), Martin Gruenberg (FDIC board member), and Michael Hsu, acting Head of the Office of the Comptroller of the Currency. McWilliams, the only Republican on the FDIC board is vacant.

Gruenberg will act as interim director. Gruenberg previously managed the agency under President Barack Obama.

McWilliams’ sudden resignation will give control to Democrats. They are keen to take a stronger stance towards banks.

McWilliams released a statement saying that McWilliams had stated, “The agency focused on maintaining confidence in our bank system while also promoting innovation, strengthening the financial inclusion and supporting minority depository institutions.”

Disclaimer: Fusion MediaWe remind you that this site does not contain accurate or real-time data. CFDs are stocks, indexes or futures. The prices of Forex and CFDs are not supplied by market makers. As such, they may be incorrect and different from market prices. This means that prices cannot be used to trade. Fusion Media is not responsible for trading losses that may be incurred as a consequence of the use of this data.

Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this information. This includes data including charts and buy/sell signal signals. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.