McWilliams, who said she intends to step down from her role effective February 4, credited the “committed staff of the FDIC” for the US’ economic rebound from Covid-19.
Her resignation as the sole Republican on the five-member board hands control of the agency to Democrats, potentially removing an obstacle to the Biden administration’s regulatory agenda. And while her letter does not mention why she’s resigning before her term ends in June 2023, McWilliams has asserted publicly in recent weeks that she believes she’s being undermined.
The FDIC declined CNN’s request for comment about the allegations and her resignation.
Along with McWilliams, the FDIC is board is comprised of Martin Gruenberg; Rohit Chopra, the director of the Consumer Financial Protection Bureau; and Michael Hsu, the acting Comptroller of the Currency. With McWilliams’ resignation, there will be two vacant positions on the board.
Gruenberg is expected to take over as acting chairman following McWilliams’ departure — his third time leading the independent agency, which insures deposits for American banks.