Published: December 2021

Biden should remove FDIC Chair for refusing to follow the law

Twenty-two organizations called on President Joe Biden to remove Federal Deposit Insurance Corp. (FDIC) Chair Jelena McWilliams for violating the agency’s statutes and bylaws that provide for majority rule. McWilliams has refused to allow publication in the Federal Register of a request authorized by three of the four board members for public input on the FDIC’s bank merger policy, proving that she is not fit to serve as Chair.

Jelena McWilliams, the head of the Federal Deposit Insurance Corporation (FDIC) and a holdover Trump appointee, has demonstrated that she is not fit to serve as chair. The Democratic majority on the FDIC’s board voted to accept public feedback for potential rulemaking changes to the bank merger process. McWilliams would not participate in the vote and attempted to block the legal actions of the majority of the board. Advocates penned a letter to President Joe Biden to remove the chair if she does not follow the agency’s statutes and bylaws and instead continues to play partisan politics.

Lead Organization

Public Citizen

Other Organizations

Accountable.US | American Economic Liberties Project | Americans for Financial Reform | Center for Digital Democracy | Climate First! | Consumer Action | DemCast USA | Demand Progress Education Fund | Empire Justice Center | The Freedom BLOC | Friends of the Earth | Institute for Agriculture and Trade Policy | MOVI | Money Out Voters In | New Jersey Citizen Action | Oil Change U.S. | Open Markets Institute | Public Citizen | Rainforest Action Network | Revolving Door Project | 350 Butte County | Prof. Richard Painter (Univ of Minn. Law) | Prof. Michael Greenberger (Univ of Md. Law) |

More Information

Click here to read the coalition letter in full.

For more information on Chair McWilliams, please click here.

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