The Warren-Biden Bank Heist
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A coup at the FDIC breaks norms and signals more political control of finance.
Elizabeth Warren finally got her woman—that is, the Senator and her many acolytes in the Biden Administration have succeeded in ousting Jelena McWilliams as chair of the Federal Deposit Insurance Corp. The coup deserves attention because of its norm-breaking precedent and what it signals for bank mergers and supposedly independent regulatory agencies.
Ms. McWilliams resigned on Dec. 31, effective Feb. 4, to avoid more turmoil at the bank regulator. But as she wrote in these pages on Dec. 16, her resignation comes amid a concerted and unprecedented political effort to strip her of authority before her term as chair expires in June 2023.
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