McWilliams, who said she intended to step down from her role effective February 4, credited “the committed staff of the FDIC” for America’s economic recovery from COVID-19.
His resignation as the only Republican on the five-member board hands control of the agency to Democrats, potentially removing an obstacle to the Biden administration’s regulatory agenda. And while her letter does not mention why she is resigning before her term ends in June 2023, McWilliams has publicly claimed in recent weeks that she believes she is underrepresented. He is going.
Along with McWilliams, there is the FDIC board that includes Martin Gruenberg; Rohit Chopra, director of the Consumer Financial Protection Bureau; and acting controller of the currency Michael Hsu. McWilliams’ resignation will leave two positions on the board vacant.
McWilliams is expected to take over as executive chairman after Gruenberg’s departure – his third time heading the independent agency that insures deposits for US banks.
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