The Federal Deposit Insurance Corporation is led by a five-member board, which for decades has delegated day-to-day operations to its chairman, who by statute serves a five-year term. This structure was designed to ensure independence from changing political administrations and has led to a long legacy of collegiality. For 88 years the chairman has controlled the board agenda and worked collaboratively with other board members.
That’s not true any longer. FDIC Chair under Donald Trump, Jelena McWilliams, is resigning as of Feb. 4 and turning over the control to the Democrats who have circumvented her to arrange a hostile takeover.
She explains in an op-ed at the WSJ how the directors tried to seize control. To sum up, she said about a letter defying her directive that the board members’ letter was an attempt to seize control of the FDIC’s staff while she was on a nine-hour flight to Europe for official meetings.
The day after Thanksgiving, “a deputy to Mr. Chopra sent an email from his CFPB account to the FDIC board distribution list, purporting to circulate a vote on the document Mr. Chopra prepared. This was a brazen attempt to seize control from the FDIC executive secretary, who alone is in charge of official board distributions,” she wrote.
“On Dec. 6, the FDIC staff produced a document to board members that was factual and neutral in tone, informed by the expertise of career staff—a genuine effort to solicit public feedback without politicizing the agency or the process.”
“Within hours of receiving that document, board members responded by attempting to vote on the original CFPB document.”
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. 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.”
Jelena McWilliams fled communism in Yugoslavia and loves this country. She is warning us of a hostile takeover.
Democrats are taking over every agency to do the bidding of the nitwit in the White House who serves as a figurehead for socialists.
They will ruin it as they ruin everything.
Wall Street firms are suddenly facing the prospect of a Democratic wish list of new rules in the coming year — targeting bank mergers, cryptocurrencies, and climate change, Bloomberg reports. They want their progressive communist agenda everywhere.
The media is presenting this as Ms. McWilliams “squabbling with Democrats.” Americans aren’t getting the truth.