Thursday, September 29, 2022

FDIC chairperson announces resignation

FDIC Chairperson Jelena McWilliams announced her resignation on Dec. 31 via a letter to President Joe Biden.

McWilliams, a Republican, was named the 21st chairperson of the FDIC in June 2018 after being appointed by then-President Donald Trump.

Her official departure has been set for Feb. 4, with FDIC board member Martin Gruenberg reported to become acting chairman – his third stint atop the agency.

Below is the letter McWilliams submitted to President Biden to announce her resignation.
After serving as the 21st Chairman of the Federal Deposit Insurance Corporation (FDIC) since June 2018, I intend to resign as Chairman effective February 4, 2022.

When I immigrated to this country 30 years ago, I did so with a firm belief in the American system of government. During my tenure at the Federal Reserve Board of Governors, the United States Senate, and the FDIC, I have developed a deep appreciation for these venerable institutions and their traditions. It has been a tremendous honor to serve this nation, and I did not take a single day for granted.

Throughout my public service, I have been constantly reminded how blessed we are to live in the United States of America.

Serving the American people alongside the dedicated career professionals of the FDIC has been the highlight of my professional life. 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. Today, banks continue to maintain robust capital and liquidity levels to support lending and protect against potential losses.

The unexpected shock of COVID-19 tested the resilience of our financial system beginning in March 2020, and the FDIC took swift actions to maintain stability and provide flexibility for banks and consumers. The core of our financial system not only weathered the storm, but was a tangible source of strength for the American economy. The committed staff of the FDIC deserve great credit for these results, and they have my profound gratitude. I am humbled by their dedication to the FDIC’s mission and honored to have served with them.