December 31, 2021

Toomey Applauds McWilliams’ Tenure at FDIC

Calls on President to Nominate Three Independently-minded Individuals to FDIC Board

Washington, D.C. – U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after Federal Deposit Insurance Corporation (FDIC) Chairman Jelena McWilliams announced her resignation.

“Jelena McWilliams is a dedicated public servant who has spent over a decade defending free markets and promoting sensible financial regulations. As Chairman of the FDIC, she worked cooperatively to strengthen the safety and soundness of the banking system, and did so on a bipartisan basis. I thank Chairman McWilliams for her distinguished service and wish her all the best in her future endeavors.

“In the 88-year history of the FDIC, its board members have worked in a cooperative bipartisan manner. The recent, reckless effort by Director Chopra and Interim Director Gruenberg to take over the FDIC board leaves a dark mark on both the FDIC and their own personal records. I am deeply troubled to see the administration support this extremist destruction of institutional norms and unprecedented action to undermine the independence and integrity of our financial regulators.

“President Biden should move swiftly to fill the two vacant board seats and Interim Director Gruenberg’s seat with qualified individuals who will respect the FDIC’s tradition of operating free from partisan political interference.”