FDIC's McWilliams vows to finish her term

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WASHINGTON — Federal Deposit Insurance Corp. Chair Jelena McWilliams told a House panel Thursday that she plans to remain in her position until her term expires in 2023.

“You have my commitment that I will work with whoever is on my board. I will even ensure this with you, I intend to fulfill the remainder of my term,” McWilliams told the House Financial Services Committee at a Thursday virtual hearing. She appeared with Federal Reserve Vice Chairman of Supervision Randal Quarles, Acting Comptroller of the Currency Brian Brooks, and National Credit Union Administration Chairman Rodney Hood.

McWilliams was responding to Rep. Emanuel Cleaver, D-Mo., who asked whether the regulator appointed by President Trump was preparing for a change in administration when President-elect Joe Biden takes office in January.

“We need to have a seamless move in some of these important areas, and of course you running the FDIC is one of those critically important institutions,” Cleaver said. “Are you preparing for transition in terms of being able to present the new administration with information that would allow for this seamless transition?”

McWilliams said that the FDIC has taken the appropriate steps to prepare for the new administration and that she will work with whoever is nominated to sit alongside her on the FDIC board.

"We have abided by all of the requirements of government agencies that are imposed on us and we are certainly engaged to the extent that that’s feasible and possible with planning for the new administration starting in January," McWilliams said. “Any transition to the new administration is going to be seamless. None of our critical functions are going to be affected.”

McWilliams was sworn in at the FDIC in June 2018 to serve out a term expiring in mid-2023.

This article originally appeared in American Banker.
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