Friday | December 31, 2021

Senator Scott Statement on FDIC Chairman McWilliams' Resignation

WASHINGTON – U.S. Senator Tim Scott (R-S.C.) released the following statement on Federal Deposit Insurance Corporation (FDIC) Chairman Jelena McWilliams' resignation after a politically-motivated attempt to undermine the independence of the agency.

“I am thankful for Chairman McWilliams' service as FDIC chairman," said Senator Scott. "She played an instrumental role in the implementation of rules to alleviate regulatory burdens on community banks and helped guide the industry through pandemic-related economic uncertainty. Her strong and fair leadership will be greatly missed.

"Over the course of her career, Chairman McWilliams has established an impressive reputation as a good faith negotiator and dealmaker, all while staying true to her core principles. Moreover, throughout her FDIC tenure, she has been a consummate consensus builder. The fact that Biden administration regulators have seemingly failed to conduct board business through the standard procedural channels in an open and honest manner with a regulator as well known for her integrity as Chairman McWilliams speaks volumes. I remain deeply concerned that the flagrant, politically-motivated efforts to appropriate the authorities granted by FDIC bylaws to the agency’s Senate-confirmed chairman represent a dangerous attempt to politicize the independent and historically apolitical practice of federal bank regulation.”

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