‘Hostile takeover’: FDIC chair steps down after battle with Democrats

A Donald Trump appointee who chairs the Federal Deposit Insurance Corporation (FDIC) is stepping down from her position after a power struggle with Democrats.

According to Fox News, Jelena McWilliams announced her resignation Friday after warning of a “hostile takeover.”

Dems attack U.S. institutions

In her resignation letter, McWilliams, who migrated to America from Serbia, alluded to an attack on America’s institutions, in which she said she has a “firm belief,” and “deep appreciation.”

“When I immigrated to this country 30 years ago, I did so with a firm belief in the American system of government,” she wrote. “It has been a tremendous honor to serve this nation, and I did not take a single day for granted.”

While she did not get specific about her reason for leaving, her departure comes after Democrats on the board pushed to review bank merger rules without her input, as Politico noted.

The FDIC declared the vote void, but when McWilliams dismissed an effort to recognize it, Democratic board member Johit Chopra decried an “attack on the rule of law” by McWilliams.

In a Washington Post op-ed, McWilliams lambasted a “hostile takeover” by Democratic colleagues who she accused of trying to unilaterally set an agenda.

Seat opens for Biden

As she put it, “Never before has a majority of the board attempted to circumvent the chairman to pursue their own agenda.”

“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 wrote.

“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,” she added.

Axios reported that McWilliams is leaving before her term was set to end in June 2023. President Trump appointed McWilliams in 2018. Her resignation will be effective Feb. 4, and Martin Gruenberg will take over her role temporarily.

She is the only Republican on the FDIC’s five-person board, so her departure will give President Joe Biden a chance to solidify control of the FDR-created agency, which insures deposits in the nation’s banks.

Share on facebook
Share To Facebook

Welcome to our comments section. We want to hear from you!

Any comments with profanity, advocacy of violence, harassment, personally identifiable information or other violations will be removed. If you feel your comment has been removed in error please contact us!

Latest Posts