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Jelena McWilliams. Photo: Alex Wong/Getty Images

Federal Deposit Insurance Corp. chairperson Jelena McWilliams on Friday submitted her resignation, weeks after she described a dispute with Democrats leading the independent agency as a “hostile takeover” attempt.

Why it matters: President Biden will be able to select a replacement for the Trump-appointed McWilliams, whose term was not meant to end until June 2023. The agency provides deposit insurance for all U.S. banks and is one of three federal regulators overseeing the U.S. banking system.

Context: The three-member Democratic majority voted in December to accept public feedback on any changes to the FDIC's bank merger approval process.

  • McWilliams rejected an attempt by Consumer Financial Protection Bureau Director Rohit Chopra, who sits on the five-member FDIC board, to add a record of the vote to the FDIC’s official minutes.
  • McWilliams is the only Republican on the board, which has another seat vacant. She did not participate in the vote, and the agency later released an official statement disputing the validity of the action.

Of note: McWilliams did not reference the incident in her resignation letter.

  • “When I immigrated to this country 30 years ago, I did so with a firm belief in the American system of government,” wrote McWilliams, who was born in former Yugoslavia.
  • “It has been a tremendous honor to serve this nation, and I did not take a single day for granted,” she added.

What's next: FDIC board member Martin Gruenberg, who has been serving on an expired term for three years, will become acting chair on Feb. 4.

Go deeper

Jan 4, 2022 - Politics & Policy

Scoop: Biden plans to give Warren a win with Fed vice chair pick

Sarah Bloom Raskin. Photo: Tom Williams/CQ Roll Call

Sarah Bloom Raskin has emerged as the leading candidate to be President Biden’s choice for vice chair of supervision at the Federal Reserve, with an announcement as early as this week, people familiar with the matter tell Axios.

Why it matters: By settling on Raskin, a former deputy Treasury secretary, for the powerful bank regulator position, Biden is giving progressive senators like Elizabeth Warren (D-Mass.) a policy and personnel win on a position about which they care deeply.

Hope King, author of Closer
4 mins ago - Economy & Business

Peloton pumps its brakes

Data: FactSet; Chart: Axios Visuals

Peloton’s popularity is falling as swiftly as it shot up.

Why it matters: Not all pandemic habits stick around. Peloton's trajectory over the past two years exemplifies how challenging it's been for companies to gauge shifts in consumer demand — particularly in sectors heavily altered by the pandemic.

First look: Senators propose bill to ban corporate PACs

Sens. Jon Ossoff and Mark Kelly. Photos: Chip Somodevilla (left), Courtney Pedroza/Getty Images

Sens. Mark Kelly (D-Ariz.) and Jon Ossoff (D-Ga.) will soon propose a bill prohibiting for-profit corporations from establishing and managing political action committees, according to a copy of the legislation obtained by Axios.

Why it matters: The introduction of "The Ban Corporate PACs Act" comes amid heightened scrutiny on Capitol Hill regarding money in politics, including efforts to bar companies from influencing political campaigns and federal elections. It would likely face a court challenge and First Amendment concerns.