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 February 16, 2023

Former Trump-appointed FDIC chair warned of Democrats' 'hostile takeover'

Jelena McWilliams, the former Federal Deposit Insurance Corporation (FDIC) chairperson, is now on a personal mission to expose the Democrats' shady policy behavior after resigning from her position in late 2021.

According to JustTheNews, the Trump-appointed McWilliams had warned of a "hostile takeover" of the agency by Democrats.

A resignation letter penned by McWilliams had all of the routine and expected courtesies and send-offs, and she didn't specify a reason as to why she had resigned at the time.

"Serving the American people alongside the dedicated career professionals of the FDIC has been the highlight of my professional life," she wrote, in part.

However, in an early Wall Street Journal op-ed she wrote previously, McWilliams had warned of the takeover attempt of the FDIC.

"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," McWilliams wrote in her op-ed.

She added: "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."

McWilliams was appointed to lead the federal banking agency in 2018.

During her tenure at the FDIC, she oversaw some 5,000 banks and had roughly 6,000 employees under her, giving her vast experience in the field.

The Conservative Brief reported that McWilliams has since taken a position with Cravath’s Corporate Department, where she'll fight the very types of "hostile takeovers" that she did on her way out of the FDIC.

"Building the Washington, D.C. office for a firm as venerable as Cravath—its second U.S. office in over 200 years—is an opportunity of a lifetime. I am honored to be joining the Cravath partnership at this important moment for the Firm," a statement from McWilliams said.

Written By:
Ryan Ledendecker

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