Jelena McWilliams, the chairman of FDIC (federal deposit insurance cooperation), resigned on 4 February. Due to her brawl with the moderate Democrat’s regulators. And board members blamed that she stopped to review the policy. At the beginning of this month, Democratic members of the board in the majority voted to take the people to feedback on potential changes but, McWilliams did not take part in this voting and after the FDIC in an official statement said that this is not valid. Then McWilliams states that how can the voting be proceeded without the consent of the chair, while democrats say that they have full authority to do that.
Jelena McWilliams joined the FDIC in June 2018, and she will serve the nation for five years. She will be retired in 2023, but due to her crises with FDIC democratic regulator, their service duration does not complete on its time.
On 14 December, she rejected the bid in the board meeting by Rohit Chopra, FDIC board member and director of the consumer financial protection bureau.
She started this term in June 2018 and will be resigning on 4 Feb 2022, which was all she wrote in her letter to Joe Biden. And she will also be resigning as the director of FDIC’s board. And their departure will create a second vacancy and hoped that the president hurriedly try to fill this. She told, that in all sessions she served agency focused on its mission to maintain and insert confidence in our banking system. And now banks try to sustain the potential losses.
Her existence was possible after the leave of Rohit Chopra, who was the FDIC member and governor of the consumer financial protection bureau. After taking the seat, she is the FDIC’s member.
And the Governor of the Financial Consumer Protection Bureau, Rohit Chopra blamed Jelena McWilliams, that she attacked the law. And she called this hostile overtake in the essay of the Wall Street Journal. Also, she made no caption of this saga in her letter to Biden. In her region, her main focus was on the ideological lines and, that thing becomes a barrier in Biden’s agenda. That forced the federal government to turn over to the big crises like climate change and inequality in income.
After this, the moderate democrats of FDIC claimed that Jelena McWilliams stopped them to set policy. Therefore she decided to resign. And unexpectedly on Friday, she presented a resignation letter to the president when she will leave then, there is no one in these three institutions that officially passed from the senate. And a right to choose the Comptroller of currency is also withdrawn from the president due to opposition of the democrats.