Jelena McWilliams, chairwoman of the Federal Deposit Insurance Corporation (FDIC), during a hearing of the Senate Banking, Housing and Urban Affairs Committees in Washington, DC, USA, on Tuesday, August 3, 2021.
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Jelena McWilliams, head of the Federal Deposit Insurance Corporation and Trump appointee, said Friday that she plans to leave her position in early 2022.
In one surprise announcement, McWilliams said she would step down effective February 4.
The move brings President Joe Biden another opportunity to strengthen his hand in banking regulations. McWilliams has been with the FDIC since 2018 and recently debated with congressional Democrats about proposed changes to the way the agency handles bank mergers.
The Democrats already have a majority on the board and with Vice Chairman Martin Gruenberg now arranged to take the chair there will be more control there. Gruenberg has spoken out against the non-regulatory actions taken over the years at the Federal Reserve also drew harsh criticism from Democratic Senator Elizabeth Warren of Firebrand of Massachusetts.
McWilliams did not give a reason for her resignation, saying only that it was a “huge honor” to serve in the FDIC, the Fed and the Senate, where she held a variety of roles including chief adviser and deputy chief of staff. for the upper house. banking committee.
“Throughout its tenure, the agency has focused on its fundamental mission of maintaining and creating confidence in our banking system, while fostering innovation, and increasing financial inclusion. , improve transparency and support community banks and minority custodians, including the establishment of the Mission Oriented Banking Fund,” she said in a statement.
“Today, banks continue to maintain strong levels of capital and liquidity to support lending and protect against potential losses,” she added.
The move comes as Biden is looking to fill another key regulator, Fed vice chair in charge of supervision, who oversees the financial system. Recent reports have indicated that Biden is likely to nominate former Fed Governor Sarah Bloom Raskin for the position.
