Jelena McWilliams resigned after a kerfuffle over Federal Deposit Insurance Corporation's bank merger policy.
What has been described as both “open lawlessness” and a “partisan brawl” came to an end Friday when Federal Deposit Insurance Corporation Chair Jelena McWilliams — an appointee of former President Donald Trump — revealed she is resigning, which will give Democrats control of the agency.
Noting McWilliams’ recent conflict with the three Democrats on the five-member board — which already had one vacancy — the Revolving Door Project at the Center for Economic and Policy Research said that her departure is “good news for financial stability, and the rule of law,” as well as “a victory for democracy and a blow to Trumpism.”
At a board meeting that was livestreamed, McWilliams rejected a bid by Consumer Financial Protection Bureau Director Rohit Chopra—an FDIC board member and ally of Sen. Elizabeth Warren —to add a record of the vote to the FDIC’s official minutes. Todd Phillips, director of financial regulation and corporate governance at the leftist think tank the Center for American Progress and formerly an attorney for the FDIC, argued in November that McWilliams was failing on climate and “the other members of the FDIC’s board of directors have the inherent authority to take control of the agency; they need only to demonstrate the will to do so.”reported earlier this month that while some progressives — such as Sen.
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