FDIC Chair Resigns, Warns Democrats Launching ‘Hostile Takeover’

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FDIC Chairman Jelena McWilliams announced her resignation on Friday after warning that Democrats had launched a “hostile takeover” of the agency.

McWilliams resigned in an open letter addressed to President Biden.

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McWilliams was appointed to the position in 2018 by President Donald Trump.

“When I immigrated to this country 30 years ago, I did so with a firm belief in the American system of government. During my tenure at 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. It has been a tremendous honor to serve this nation, and I did not take a single day for granted. Throughout my public service, I have been constantly reminded how blessed we are to live in the United States of America,” the letter stated.

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In December, McWilliams published an op-ed in the Wall Street Journal titled, “A Hostile Takeover of the FDIC.”

“Of the 20 chairmen who preceded me at the FDIC, nine faced a majority of the board members from the opposing party, including Mr. Gruenberg as chairman under President Trump until I replaced him as chairman in 2018,” McWilliams wrote. “Never before has a majority of the board attempted to circumvent the chairman to pursue their own agenda.”

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“This conflict isn’t about bank mergers. If it were, board members would have been willing to work with me and the FDIC staff rather than attempt a hostile takeover of the FDIC internal processes, staff and board agenda.”

McWilliams’ resignation will go into effect on February 4.

Source material can be found at this site.

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