Key Questions Face Trump’s FDIC Pick

The American Banker reports that with President Trump's nomination of Jelena McWilliams to chair the Federal Deposit Insurance Corporation (FDIC), his administration is one step closer to installing a team of regulatory appointments that could undo former President Obama's post-crisis policies.

However, according to this article, it is not clear that McWilliams will pursue President Trump's deregulatory agenda with the same zeal as some of her fellow appointees. She has said little in public about her own policy views but previously she spent six years as a Senate Republican staffer, and before that she served as an attorney at the Federal Reserve Board (FRB).

"Change comes slowly in government, but she is going to know how to use her staff to turn the battleship," said Benjamin Olson, one of her former colleagues at the FRB. "She understands what it means for staff to work under new leadership in the government and how to get the most out of her people."

According to the American Banker, one of the key policy questions that she would face as head of the FDIC would include the extent to which she would reverse course, bringing a more industry-friendly touch to FDIC policy. She is the first FDIC nominee since Donald Powell —Sheila Bair's predecessor— to have worked as a bank executive.

Bankers and industry watchers will likely want to know if she supports reforming any of the post-crisis capital rules, easing the FDIC's stance toward brokered deposits and speeding up the pace of new bank approvals, among other things.

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