FDIC's GOP chair to resign after partisan brawl
Source: Politico
Federal Deposit Insurance Corp. Chair Jelena McWilliams on Friday unexpectedly submitted her resignation after the Trump appointee faced partisan strife at the bank regulator, in a move that will give Democrats control of the agency in the coming weeks.
Her departure, effective Feb. 4, means that FDIC board member Martin Gruenberg will become acting chair, his third stint atop at the 88-year-old agency, which insures trillions of dollars in deposits at the nations banks. It followed an attempt by Gruenberg and other Democrats on the agency's board to wrest control from McWilliams.
Earlier this month, the Democratic majority on the FDICs board voted to take public feedback on potential changes to the agencys bank merger approval process. McWilliams did not participate in the vote, and the FDIC in an official statement said the action was not valid. A legal debate ensued over whether a majority of the board can put items up for a vote without the consent of the chair, with Democrats maintaining they had clear authority.
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 (D-Mass.) to add a record of the vote to the FDICs official minutes.
Read more: https://www.msn.com/en-us/news/politics/fdic-s-gop-chair-to-resign-after-partisan-brawl/ar-AASjKAS
BradAllison
(1,879 posts)pecosbob
(7,541 posts)monkeyman1
(5,109 posts)go down with him ! well, now is a great time for that to happen !! what ya think?
Judi Lynn
(160,542 posts)December 31, 2021
4:44 PM CST
Last Updated 3 hours ago
United States
By Katanga Johnson and Pete Schroeder
3 minute read
WASHINGTON, Dec 31 (Reuters) - The Republican chair of the U.S. Federal Deposit Insurance Corporation (FDIC) said on Friday she will step down from her role effective Feb. 4, 2022, removing a key remaining obstacle to President Joe Biden's ambitious banking reform agenda.
Jelena McWilliams, a holdover from the Trump administration who was appointed to the role in June 2018, had previously said she intended to serve out her full term, which was set to expire in mid-2023.
However, McWilliams is now outnumbered on the FDIC's board - which must vote on key rule-makings - by Democrats, sparking a messy public fight in recent weeks over who should set the agency's agenda.
The five-member FDIC board currently has three members appointed by Democrats: Consumer Financial Protection Bureau Director Rohit Chopra, FDIC board member Martin Gruenberg, and acting head of the Office of the Comptroller of the Currency (OCC) Michael Hsu. McWilliams is the lone Republican, with one other position vacant.
More:
https://www.reuters.com/world/us/trump-appointed-mcwilliams-resigns-chair-democrat-majority-us-fdic-board-2021-12-31/
paleotn
(17,918 posts)Alexander Of Assyria
(7,839 posts)NullTuples
(6,017 posts)The last ten years have been eye opening in terms of just how little enforceable regulation there is in our country. Especially on politicians.
paleotn
(17,918 posts)Republicans have been politicizing things that shouldn't be politicized since Newt Gingrich at least. He turned something as non-political as the federal debt ceiling into a club to attempt to get his way.
https://www.washingtonpost.com/archive/politics/1995/09/22/gingrich-vows-no-retreat-on-debt-ceiling-increase/9f7c9620-e6aa-489e-8ace-3ebb27e349bc/
https://www.nbcnews.com/id/wbna53279173
Then again, it could be argued that in DC everything has always been political to some extent. Even SCOTUS. See the wranglings FDR and Lincoln had with the court.
monkeyman1
(5,109 posts)And before I get my butt chewed on , just tired of my med's from V.A. coming by way of dog sled ! TFBB has left us with a lot of trash in Washington! we need a congressional garbage detail of politics to clean TFBB toxic waste dump in politic's !! damn that felt good !!!!!!
certainot
(9,090 posts)if this was significant to the GOP they would make sure all the local blowhards were coordinated but here the lack of limbaugh input to derail progress is gone.
2naSalit
(86,634 posts)Slowly purging the vermin from the victim.
Alexander Of Assyria
(7,839 posts)ProfessorGAC
(65,049 posts)She was wholly unqualified for the role.
Running a regulatory board while being an avowed deregulation promoter seems inherently disqualifying.
Her position was anathema to the charter of the organization she chaired.