Trump-appointed FDIC president to step down

By Maegan Vazquez, CNN

The Republican chairman of the Federal Deposit Insurance Corporation, who was appointed by former President Donald Trump, announced her intention to step down on Friday.

In her resignation letter to President Joe Biden, FDIC President Jelena McWilliams wrote, “It has been a tremendous honor to serve this nation, and I haven’t taken a single day for granted. Throughout my public service, I was constantly reminded of how lucky we are to live in the United States of America, ”calling his time with the FDIC“ the highlight of my professional life ”.

McWilliams, who has said she intends to step down from her post effective February 4, credited “hired FDIC personnel” for the United States’ economic rebound after Covid-19.

Her resignation as the only Republican on the five-member board gives control of the agency to the Democrats, potentially removing an obstacle to the Biden administration’s regulatory agenda. And while her letter does not mention why she is stepping down before her tenure ends in June 2023, McWilliams has publicly asserted in recent weeks that she believes she is undermined.

McWilliams, who worked as senior aide to Republicans Mike Crapo of Idaho and Richard Shelby of Alabama before joining the FDIC, wrote an op-ed in the Wall Street Journal in December alleging that Democrats on the board were were indulging in a “hostile resume.”

The FDIC declined CNN’s request to comment on the allegations and his resignation.

Along with McWilliams, the FDIC board of directors is made up of Martin Gruenberg; Rohit Chopra, Director of the Consumer Financial Protection Bureau; and Michael Hsu, the Acting Comptroller of the Currency. With the resignation of McWilliams, there will be two vacancies on the board of directors.

Gruenberg is set to take the interim presidency after McWilliams leaves – his third time as head of the independent agency, which insures deposits for U.S. banks.

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