In a jarring development for President Joe Biden, the chair of the Federal Deposit Insurance Corporation (FDIC) – Jelena McWilliams – announced her resignation on Friday in a letter to the commander in chief, a decision that comes on the heels of her warning that the agency was under threat of a “hostile takeover” by Democrats, as Fox News reports.
McWilliams, an appointee of former President Donald Trump, has served in her current role since 2018, and while she did not give Biden a specific reason for her impending departure, she made her concerns about the direction of the agency very clear in a recent Wall Street Journal op-ed.
In the piece, McWilliams detailed a pattern of partisan wrangling emanating from the agency’s board, which she described as “an attempt to wrest control from an independent agency’s chairman with a change in the administration.”
The agency head went even further in her critique, declaring in regard to the politically-driven internal strife, “More than that, it’s an example of the erosion of America’s democracy.”
“Many government institutions are built on norms and practices that encourage parties to work together, This foundation depends on agency leaders who recognize that the long-term benefits of cooperation outweigh the short-term incentive to blow up institutions in pursuit of immediate partisan gains,” she continued, adding, “Since the FDIC’s founding in 1933, all 72 board members have respected that foundation. Until now.”
Lamenting the maneuvering she says she has faced during her tenure, McWilliams said, “Of the 20 chairmen who preceded me at the FDIC, nine faced a majority of the board members from the opposing party, including Mr. [Martin] Gruenberg as chairman under President Trump until I replaced him as chairman in 2018.”
Underscoring the regrettable novelty of the current climate within the agency, McWilliams stated, “Never before has a majority of the board attempted to circumvent the chairman to pursue their own agenda.”
A Serbian immigrant who arrived in this country over three decades ago, McWilliams has enjoyed a series of career successes and distinctions in the realms of finance, banking policy, and law, according to Fox News.
Sadly, the story McWilliams tells of the crippling politicization of yet another federal institution at the hands of power-hungry Democrats is one that has become all-too familiar as the Biden regime continues along its destructive – and hopefully short-lived – path.