FDIC Chairwoman Jelena McWilliams has resigned from the FDIC as of February fourth. She made the announcement on Friday and at the same time, she warned that the Democrats are launching a hostile takeover of the agency.
This could be very scary.
They could then make rules that would allow banks to refuse accounts or loans to gun manufacturers or sellers and even cut off their ability to take credit card payments.
In Canada, the owner of the popular conservative website Rebel News was turned down for a mortgage based on his political persuasion. If the Democrats get their way, it could happen here as well.
McWilliams was appointed to the position in 2018 by President Donald Trump.
“When I immigrated to this country 30 years ago, I did so with a firm belief in the American system of government. During my tenure at the Federal Reserve Board of Governors, the United States Senate, and the FDIC, I have developed a deep appreciation for these venerable institutions and their traditions. It has been a tremendous honor to serve this nation, and I did not take a single day for granted. Throughout my public service, I have been constantly reminded how blessed we are to live in the United States of America,” the letter stated.
In December, McWilliams published an op-ed in the Wall Street Journal titled, “A Hostile Takeover of the FDIC.”:
“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. 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.”
The Democrats will have complete control over the FDIC, and if you don’t find that troubling, then you have no idea how much power they wield.
This agency has complete control of the banks and they can pretty much any policy they want to.