Senate to vote next week on Trump pick for FDIC

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WASHINGTON — The Senate is expected to vote next week on the confirmation of Jelena McWilliams to become the chair of the Federal Deposit Insurance Corp.

The nomination of McWilliams, the chief legal officer at Fifth Third Bancorp, was approved by the Senate Banking Committee in February by a vote of 24 to 1, with only Sen. Elizabeth Warren, D-Mass., opposing the confirmation.

On Thursday, Senate Majority Leader Mitch McConnell filed a cloture motion that sets up debate by the full Senate on the nomination. Once that debate takes place, she is expected to be approved by the full Senate by a significant margin. Once in office, however, she will face significant challenges at the FDIC.

McWilliams was first named in November as the Trump administration’s choice to succeed FDIC Chairman Martin Gruenberg, but her nomination has been pending for months as picks to lead other banking agencies — including the Federal Reserve Board and Office of the Comptroller of the Currency — have already been confirmed.

Before joining Fifth Third, McWilliams held positions as a Senate Banking Committee aide to Sen. Richard Shelby, R-Ala., and as an attorney at the Federal Reserve Board.

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