McWilliams did not provide a direct reason for her resignation in her letter to the president. However, she previously published a December op-ed in which she described a "hostile takeover" of the FDIC by Democrats.
"Of the 20 chairmen who preceded me at the FDIC, nine faced a majority of the board members from the opposing party, including Mr. Gruenberg as chairman under President Trump until I replaced him as chairman in 2018," McWilliams wrote in her op-ed. "Never before has a majority of the board attempted to circumvent the chairman to pursue their own agenda."
"This conflict isn’t about bank mergers. If it were, board members would have been willing to work with me and the FDIC staff rather than attempt a hostile takeover of the FDIC internal processes, staff and board agenda."
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"Of the 20 chairmen who preceded me at the FDIC, nine faced a majority of the board members from the opposing party, including Mr. Gruenberg as chairman under President Trump until I replaced him as chairman in 2018," McWilliams wrote in her op-ed. "Never before has a majority of the board attempted to circumvent the chairman to pursue their own agenda."
"This conflict isn’t about bank mergers. If it were, board members would have been willing to work with me and the FDIC staff rather than attempt a hostile takeover of the FDIC internal processes, staff and board agenda."
FDIC chair resigns after warning Democrats launching 'hostile takeover'
FDIC Chairman Jelena McWilliams announced her resignation Friday in an open letter addressed to President Biden