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The chairman of the FDIC, a Trump nominee, resigns following warning of “hostile takeover” of Democrats




The chairman of the Federal Deposit Insurance Corporation, a Trump nominee, resigns after warning of “hostile takeover” of Democrats

  • Jelena McWilliams, 48, wrote an open letter Friday in which he beat the Senate to walk around her to fit their own agenda
  • When I immigrated to this country 30 years ago, I did so with a firm belief in the US government system, wrote McWilliams, a Serbian immigrant.
  • Her resignation appears to stem from clashes between McWilliams and Democrats over bank merger rules
  • Rohit Chopra, the new director of CFPB, complained that McWilliams had refused to acknowledge their attempts to review bank merger rules
  • McWilliams said that while many Senate chambers had met with an FDIC leader from the opposing party, no one had ever behaved like the current crop of Democrats.










The chairman of the FDIC board resigned on Friday just weeks after she tried to warn of a “hostile takeover” of the commission by the Democrats.

Jelena McWilliams, 48, wrote an open letter Friday in which he slammed the Senate Dems over walking around her to fit their own agenda.

“When I immigrated to this country 30 years ago, I did so with a firm belief in the US government system,” McWilliams, a Serbian immigrant, wrote in the letter.

McWilliams has a decades-long career in law, finance and banking before Trump appointed her leader.

Her resignation appears to stem from a clash between McWilliams and Democrats over bank merger rules.

The chairman of the FDIC, a Trump nominee, resigns following warning of “hostile takeover” of Democrats

Jelena McWilliams, the soon-to-be ex-chair of the Federal Deposit Insurance Corporation

McWilliams announced his resignation in a letter addressed to President Joe Biden on Friday

McWilliams announced his resignation in a letter addressed to President Joe Biden on Friday

Rohit Chopra, a member of the FDIC board and the new director of the Consumer Financial Protection Bureau, complained that McWilliams had refused to acknowledge their attempts to review bank merger rules.

“This approach to governance is unsafe and unhealthy,” he said. “It is also an attack on the rule of law.”

At a virtual meeting earlier Tuesday, McWilliams, the board’s lone Republican, rejected Chopra’s request to register in the minutes a vote on the review. McWilliams said their attorney general had ruled that the vote, which had previously been taken by the Democrats, was invalid.

“During my time on the Federal Reserve Board of Governors, the United States Senate and the FDIC, I have developed a deep appreciation for these venerable institutions and their traditions.”

Rohit Chopra, a member of the FDIC board and the new director of the Consumer Financial Protection Bureau, complained that McWilliams had refused to acknowledge their attempts to review bank merger rules

Rohit Chopra, a member of the FDIC board and the new director of the Consumer Financial Protection Bureau, complained that McWilliams had refused to acknowledge their attempts to review bank merger rules

Martin J. Gruenberg served as acting chairman of the board of FDIC and continues to serve as a board member under McWilliams

Martin J. Gruenberg served as acting chairman of the board of FDIC and continues to serve as a board member under McWilliams

McWilliams said that while many Senate chambers had met an FDIC leader from the opposing party, no one had ever behaved like the current crop of Democrats.

“Of the 20 board chairmen who preceded me at the FDIC, nine met a majority of board members from the opposite party, including [Martin J. Gruenberg] as chairman under President Trump until I replaced him as chairman in 2018, “McWilliams wrote in his op-ed. “Never before has a majority on the board tried to bypass the chairman of the board to pursue his own agenda.”

She made it clear that her departure had nothing to do with bank merger disputes.

“This conflict is not about bank mergers. If that were the case, board members would be willing to work with me and the FDIC staff instead of attempting a hostile takeover of the FDIC’s internal processes, staff and board agenda. ‘

McWilliam’s resignation takes effect Feb. 4. Her replacement is not immediately clear.



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