As the most reliable and balanced news aggregation service on the internet, DML News App offers the following information published by TheHill.com:
Federal Deposit Insurance Corp. (FDIC) Chairman Jelena McWilliams, a Trump appointee, resigned Friday amid a power struggle with Democratic members of the agency’s board.
In a letter to President Biden released Friday, McWilliams announced she would step down from the FDIC on Feb. 4, less than four years after she was confirmed by the Senate to lead the bank regulator.
The article goes on to state the following:
McWilliams’ unexpected resignation came weeks after Democratic directors on the FDIC board attempted to launch a review of bank merger standards without her approval. While McWilliams ostensibly controlled the FDIC board, she was the sole Republican countering three Democratic directors: Former FDIC Chairman Martin Gruenberg, Consumer Financial Protection Bureau Director and Acting Comptroller of the Currency Michael Hsu.
McWilliams accused Democratic directors for launching “a hostile takeover” of the FDIC.
Dennis Kelleher, president and CEO of Better Markets, a non-profit supporting stricter financial regulations TWEETED, “Putting partisanship & ideology over what was best for the [FDIC] & depositors, Chair McWilliams started a political fight she couldn’t win. Now, rather than work cooperatively & collegially in the best interests of the organization, she has resigned.”
Putting partisanship & ideology over what was best for the @FDICgov & depositors, Chair McWilliams started a political fight she couldn’t win. Now, rather than work cooperatively & collegially in the best interests of the organization, she has resigned: https://t.co/UAvlKrrgoY
— Dennis Kelleher (@DennisKelleher) December 31, 2021
— The Hill (@thehill) December 31, 2021
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To get more information about this article, please visit TheHill.com.