Effective February 4, Jelena McWilliams will no longer be the FDIC Chair.
That announcement is concerning for two big reasons.
First, she was the only Republican on the board.
Second, she is now claiming that the Democrats on the board conducted a hostile takeover that is forcing her out.
Trump appointed McWilliams, so we knew she was going to have a hard time from the outset.
She was the only Republican on the panel, which is what led to the problems.
According to McWilliams, the Democrats on the board were trying to circumvent her authority regarding policy.
In her resignation letter, she stated, “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.
“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.”
Joe Biden will now appoint her replacement, giving Democrats complete control of the banking system without any pushback from the minority at all.
When you consider how radical Joe Biden’s financial appointments have been to this point, this is beyond problematic.
We now have to hang on the hopes that at least one Democrat will push back against any radical appointment of Biden’s until Republicans can take back the Senate and lock down these seats until 2024.
Are you worried that Joe Biden may put a radical socialist in charge of the FDIC?
Tell us your thoughts in the comments section below.
Source: Fox News