The move comes after Ms. McWilliams had previously said she intended to serve out her full term, which lasts through mid-2023. In a letter to President Biden released by the FDIC, Ms. McWilliams said her resignation would be effective Feb. 4. At a Dec. 14 public meeting, Ms. McWilliams also rejected a push to have the Democrats’ vote reflected as a valid board action. He called on Mr. Biden to quickly fill Ms. McWilliams’s board seat as well as a separate vacant seat and to replace Mr. Gruenberg. As FDIC chairman, Ms. McWilliams backed some deregulatory moves championed by the Trump administration.

Source: Wall Street Journal January 15, 2022 18:53 UTC