Trump Holdover Jelena McWilliams to Step Down as FDIC Head

Departure follows an unusual fracas atop the agency this month
Board member Gruenberg, a Democrat, is set to be acting chief

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By Jesse Westbrook

December 31, 2021 at 9:30 PM UTC

Updated on

December 31, 2021 at 11:05 PM UTC

This article is for subscribers only.

Federal Deposit Insurance Corp. Chairman Jelena McWilliams, a key bank regulator appointed by former President Donald Trump, will step down after clashing with officials installed by the Biden administration.

McWilliams’s resignation is effective Feb. 4, the FDIC said in a statement Friday. Her departure will remove an obstacle President Joe Biden and Congressional Democrats have faced in seeking to toughen oversight of banks and other financial firms.