WASHINGTON, December 31, Reuters - The Republican head of the U.S. Federal Deposit Insurance Corporation FDIC, who has clashed with the majority-Democratic board, has said she will step down from her position on Friday, February 4, 2022, beginning February 4, 2022, he said.
The term of Jelena McWilliams, a holdover from the Trump administration who was appointed in June 2018, had previously said she intended to serve out her full term, which was due to expire in mid- 2023.
McWilliams is now outnumbered by Democrats on the board, which in recent weeks has caused a messy public fight over who should set the board's agenda.
The five-member FDIC board has three members elected 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 Michael Hsu. McWilliams is the only Republican in the United States, and currently has a vacant position.
Gruenberg will serve as interim director. He previously ran the agency under President Barack Obama.
McWilliams' resignation will give control of the agency to Democrats who are eager to take a tougher stance on banks.
The agency is focused on maintaining and instilling confidence in our banking system, while promoting innovation, strengthening financial inclusion, enhancing transparency and supporting community banks and minority depository institutions, McWilliams said in a statement.