The FDIC chairman resigns after warning the Democrats of a “hostile takeover”

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FDIC Chair Jelena McWilliams announced her resignation in an open letter to President Biden on Friday, just weeks after warning of a “hostile takeover” of the agency by the Democrats.

McWilliams, a Serbian immigrant, has lived in the country for decades and has had a successful career in law, finance and banking policy.

“When I immigrated to this country 30 years ago, I did so with a firm belief in the American system of government,” McWilliams wrote in the letter.

“During my tenure with 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.”

UNITED STATES - MAY 16: Jelena McWilliams, chairwoman of the Federal Deposit Insurance Corporation, testifies during a House Financial Services Committee hearing at the Rayburn Building titled "Oversight by regulators: ensuring the safety, soundness and accountability of megabanks and other depository institutions," on Thursday May 16, 2019. (Photo by Tom Williams / CQ Roll Call)

UNITED STATES – MAY 16: Jelena McWilliams, chairwoman of the Federal Deposit Insurance Corporation, says during a House Financial Services Committee hearing in the Rayburn Building entitled “Oversight of Regulators: Ensuring the Safety, Soundness and Accountability of Megabanks and Other Depository Institutions” out. on Thursday May 16, 2019. (Photo by Tom Williams / CQ Roll Call)

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She continued, “Throughout my tenure, the agency has focused on its fundamental mission of maintaining and building trust in our banking system while promoting innovation, strengthening financial inclusion, improving transparency, and empowering community and minority depositaries support, including through the creation of the Mission Driven Bank Fund. “

McWilliams was appointed to the position under former President Trump in 2018. Your resignation will take effect on February 4th.

McWilliams did not give a direct reason for her resignation in her letter to the president. Before that, however, she had posted a December comment describing a “hostile takeover” of the FDIC by the Democrats.

WASHINGTON, DC - AUGUST 03: Jelena McWilliams, chairwoman of the Federal Deposit Insurance Corporation (FDIC), says during a hearing before the Senate Committee on Banking, Housing and Urban Development at the Dirksen Senate Office Building on August 3, 2021 on Capitol Hill in Washington , DC off.  The committee held a hearing "Regulatory oversight: is our financial system working for everyone?" (Photo by Alex Wong / Getty Images)

WASHINGTON, DC – AUGUST 3: Jelena McWilliams, Chairwoman of the Federal Deposit Insurance Corporation (FDIC), says during a hearing before the Senate Committee on Banking, Housing and Urban Development at the Dirksen Senate Office Building on August 3, 2021 on Capitol Hill in Washington , DC off. The committee held a hearing on Regulatory Oversight: Does Our Financial System Work For All? (Photo by Alex Wong / Getty Images)

“Of the 20 chairmen who preceded me at the FDIC, nine faced the majority of the opposing party’s board of directors, including Mr. Grünberg as chairman under President Trump until I replaced him as chairman in 2018,” McWilliams wrote in her Op-Ed. “Never before has a majority of the board of directors tried to bypass the chairman in order to pursue their own goals.”

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“This conflict is not about bank mergers. If so, the board members would have been willing to work with me and the FDIC staff, rather than attempting a hostile takeover of the FDIC’s internal processes, staff and board agenda. “

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