Who is FDIC President Jelena McWilliams and is she resigning?


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JELENA McWilliams may have served under both the Trump and Biden administrations.

She announced that she would resign as head of the Federal Deposit Insurance Corporation effective February 4, 2022.

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Jelena McWilliams is Head of the Federal Deposit Insurance Corporation

Who is FDIC President Jelena McWilliams?

Born July 28, 1973, Jelena McWilliams is originally from Belgrade, Serbia.

However, she moved to the United States at the age of 18 as part of a high school exchange program.

On June 5, 2018, she was sworn in as the 21st President of the Federal Deposit Insurance Corporation (FDIC) under the Trump administration.

After working as a lawyer on the Board of Governors of the Federal Reserve from 2007 to 2010, she held senior positions.

She also served as Executive Vice President, General Counsel and Corporate Secretary of Fifth Third Bank in Cincinnati, Ohio.

Does President Jelena McWilliams Resign?

In a surprising announcement on Friday, December 31, 2021, McWilliams announced that she would step down from her current position as President of the FDIC on February 4, 2022.

It is not known why she is resigning from her post. However, she released a statement, which did not include a specific reason for her resignation.

She said: “Throughout my tenure, the agency has focused on its core mission of maintaining and building confidence in our banking system while promoting innovation, strengthening financial inclusion, improving transparency and supporting community banks and minority deposit-taking institutions, including through the creation of the Mission-Driven Bank Fund.

She added: “Today, banks continue to maintain strong capital and liquidity levels to support lending and protect against potential losses.”

Jelena McWilliams didn't explain why she quit

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Jelena McWilliams didn’t explain why she quitCredit: Getty Images – Getty

What does his resignation mean?

His resignation could give President Joe Biden the opportunity to strengthen his influence over banking regulation as the Republican-nominated president will give way to a Democrat-nominated replacement.

Since Democrats hold the majority of the board and vice president, Martin Grunberg is expected to be the interim president, Democrats have more control over the decision-making process.

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