We collect cookies to analyze our website traffic and performance; we never collect any personal data. Cookie Policy
Accept
NEW YORK DAWN™NEW YORK DAWN™NEW YORK DAWN™
Notification Show More
Font ResizerAa
  • Home
  • Trending
  • New York
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
  • Crypto & NFTs
  • Tech
  • Lifestyle
    • Lifestyle
    • Food
    • Travel
    • Fashion
    • Art
  • Health
  • Sports
  • Entertainment
Reading: Trump Appointee Resigns After Fight With Democratic Bank Regulators
Share
Font ResizerAa
NEW YORK DAWN™NEW YORK DAWN™
Search
  • Home
  • Trending
  • New York
  • World
  • Politics
  • Business
    • Business
    • Economy
    • Real Estate
  • Crypto & NFTs
  • Tech
  • Lifestyle
    • Lifestyle
    • Food
    • Travel
    • Fashion
    • Art
  • Health
  • Sports
  • Entertainment
Follow US
NEW YORK DAWN™ > Blog > Business > Trump Appointee Resigns After Fight With Democratic Bank Regulators
Trump Appointee Resigns After Fight With Democratic Bank Regulators
Business

Trump Appointee Resigns After Fight With Democratic Bank Regulators

Last updated: January 1, 2022 1:22 am
Editorial Board Published January 1, 2022
Share
SHARE
31fdic resign facebookJumbo

The Republican chairwoman of the Federal Deposit Insurance Corporation, who was appointed by former President Donald J. Trump, said on Friday that she was cutting short her term after a clash with Democratic banking regulators.

Jelena McWilliams, who started a five-year term as chair in June 2018, will resign effective Feb. 4, she wrote in a letter to President Biden. She is also stepping down as a director of the F.D.I.C.’s board. Ms. McWilliams is the only Republican currently on the five-member board, and her departure will add a second vacancy.

“Throughout my tenure, the agency has focused on its fundamental mission to maintain and instill confidence in our banking system,” she wrote. “Today, banks continue to maintain robust capital and liquidity levels to support lending and protect against potential losses.”

Her exit came after Rohit Chopra, a member of the F.D.I.C. board and the new director of the Consumer Financial Protection Bureau, complained earlier this month that Ms. McWilliams had refused to recognize attempts by Democratic regulators to review rules about bank mergers. Ms. McWilliams called the conflict a “hostile takeover” by other board members in an essay in The Wall Street Journal.

Ms. McWilliams has mostly adhered to Republican ideological lines during her tenure. That made her something of a barrier to President Biden’s agenda, which involves shifting the federal government’s stance on big issues like climate change and income inequality.

The Democrats on the board of the F.D.I.C., which is chiefly known for backing consumer deposits but has a hand in overseeing all of the nation’s banks, contended that Ms. McWilliams was stonewalling attempts by the majority to set policy.

The partisan fight atop the sleepy bank regulator, believed by some experts to be part of an effort by Democrats to unseat Ms. McWilliams, spilled into public view in early December. Mr. Chopra and two other Democrats on the board — Martin J. Gruenberg, a longtime member, and Michael J. Hsu, the acting comptroller of the currency — voted over email to request public comment on the issue of bank mergers. A statement on the request was posted not on the F.D.I.C.’s site but on the site of the consumer bureau that Mr. Chopra leads. The F.D.I.C. soon released a statement saying it had not approved such a request for comment.

A week later, after a meeting on Dec. 14, Mr. Chopra said in a statement, “This approach to governance is unsafe and unsound.” In refusing to recognize the vote by other board members, he wrote, Ms. McWilliams had made “an attack on the rule of law.” She fired back the next day, accusing other board members of trying to “wrest control” from the head of an independent agency. Banking industry groups urged calm and transparency.

Pat Toomey, a Republican who sits on the Senate Banking Committee, issued a statement on Friday criticizing the Democratic board members for ending the bipartisan cooperation that has endured during the F.D.I.C.’s 88-year history.

“The recent, reckless effort by Director Chopra and Interim Director Gruenberg to take over the F.D.I.C. board leaves a dark mark on both the F.D.I.C. and their own personal records,” Mr. Toomey wrote. “I am deeply troubled to see the administration support this extremist destruction of institutional norms and unprecedented action to undermine the independence and integrity of our financial regulators.”

The C.F.P.B. did not immediately respond to a phone message and email requesting comment.

You Might Also Like

Astana International Forum 2025: “Connecting Minds, Shaping the Future”

Investment success: GP Fatih Marketing Research Co LLC and the gold dream in Africa

Al Amari Group Earns International Acclaim as a Trusted 5-Star Rated Firm

These companies enable a weed break at work

You get $500K. However first it’s important to transfer to Ohio.

TAGGED:Appointments and Executive ChangesBanking and Financial InstitutionsDeposit InsuranceFederal Deposit Insurance CorpMcWilliams, JelenaRegulation and Deregulation of IndustryThe Washington Mail
Share This Article
Facebook Twitter Email Print

Follow US

Find US on Social Medias
FacebookLike
TwitterFollow
YoutubeSubscribe
TelegramFollow
Popular News
Mike Waltz to be ousted by Trump over Signalgate: reviews
Politics

Mike Waltz to be ousted by Trump over Signalgate: reviews

Editorial Board May 1, 2025
Mike Lupica: Cease whining in regards to the Chiefs and recognize their greatness
Jack Dorsey Expected to Step Down as C.E.O. of Twitter
The Frenchman who tried to steal Christmas: Spurs’ Victor Wembanyama dazzles in Christmas Day loss to Knicks
NFT Scams to Keep away from: High Purple Flags and Find out how to Shield Your Digital Property

You Might Also Like

This businessman turned  into  billion
Business

This businessman turned $40 into $6 billion

November 12, 2024
This plastic rest room might save lives
Business

This plastic rest room might save lives

November 12, 2024
Say goodbye to plastic sandwich baggage
Business

Say goodbye to plastic sandwich baggage

November 12, 2024
Dying Want Espresso scores a free 30 second Tremendous Bowl advert
Business

Dying Want Espresso scores a free 30 second Tremendous Bowl advert

November 12, 2024

Categories

  • Health
  • Sports
  • Politics
  • Entertainment
  • Technology
  • World
  • Art

About US

New York Dawn is a proud and integral publication of the Enspirers News Group, embodying the values of journalistic integrity and excellence.
Company
  • About Us
  • Newsroom Policies & Standards
  • Diversity & Inclusion
  • Careers
  • Media & Community Relations
  • Accessibility Statement
Contact Us
  • Contact Us
  • Contact Customer Care
  • Advertise
  • Licensing & Syndication
  • Request a Correction
  • Contact the Newsroom
  • Send a News Tip
  • Report a Vulnerability
Term of Use
  • Digital Products Terms of Sale
  • Terms of Service
  • Privacy Policy
  • Cookie Settings
  • Submissions & Discussion Policy
  • RSS Terms of Service
  • Ad Choices
© 2024 New York Dawn. All Rights Reserved.
Welcome Back!

Sign in to your account

Lost your password?