JELENA McWilliams was able to serve under both the Trump and the Biden administrations.
She announced that she will be resigning from her post as the head of the Federal Deposit Insurance Corporation head effective on February 4, 2022.
Who is FDIC Chair Jelena McWilliams?
Born on July 28, 1973, Jelena McWilliams was originally born in Belgrade, Serbia.
However, she relocated to the US at the age of 18 as part of a high school exchange program.
On June 5, 2018, she was sworn in as the 21st Chairman of the Federal Deposit Insurance Corporation (FDIC) under the Trump administration.
After working as an attorney at the Federal Reserve Board of Governors from 2007 to 2010, she went on to occupy some high-level positions.
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She was also the Executive Vice President, Chief Legal Officer, and Corporate Secretary for Fifth Third Bank in Cincinnati, Ohio.
Is Chair Jelena McWilliams resigning?
In a surprising announcement on Friday 31, December 2021, McWilliams announced that she will be resigning from her current post as FDIC Chair on February 4, 2022.
It is unclear why she is resigning from her post. However, she issued a statement, which did not include a specific reason for her resignation.
She stated: “Throughout my tenure, the agency has focused on its fundamental mission to maintain and instill confidence in our banking system while at the same time promoting innovation, strengthening financial inclusion, improving transparency, and supporting community banks and minority depository institutions, including through the creation of the Mission-Driven Bank Fund.”
She added: “Today, banks continue to maintain robust capital and liquidity levels to support lending and protect against potential losses.”
What does her resignation mean?
Her resignation may give President Joe Biden an opportunity to strengthen his influence over bank regulation since the Republican-appointed Chair will give way for a Democratic-appointed replacement.
Since Democrats hold a majority of the board and Vice-Chair, Martin Grunberg is set to be the acting chair, Democrats have more control in the decision-making process.
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