Big Banks have accumulated too much market power, leading to oligopoly -- shared monopoly -- and its inevitable deleterious effects on competition, the economy, small business and consumers.
Rebarbative Big Bank lawyer Jelena Obrenić McWilliams was named FDIC Chair by President DONALD JOHN TRUMP, not unlike putting Dracula in charge of the Blood Bank. Wikipedia reports:
From 2007 to 2010, McWilliams worked as a lawyer at the Federal Reserve Board of Governors, where she focused on a proposal for rules meant to make it easier for consumers to dispute mistakes on their credit reports and to understand their mortgages.
McWilliams worked in the United States Senate for six years, first as assistant chief counsel for the Small Business and Entrepreneurship Committee and then as chief counsel and deputy staff director for the Committee on Banking, Housing and Urban Affairs. At the banking committee, McWilliams worked with chairpersons Senator Richard Shelby (R, Alabama) and Senator Mike Crapo (R, Idaho) on, among other issues, the implementation of and efforts to rework or repeal the 2010 Dodd-Frank banking-regulation reform act.
McWilliams served as executive vice president, chief legal officer, and corporate secretary for Fifth Third from January 2017 until May 2018.
FDIC nomination[edit source]
On November 30, 2017, the White House press secretary issued a release announcing the President's intention to nominate McWilliams to serve as chairperson of the FDIC. McWilliams had been under consideration for the appointment since July 2017, when James Clinger withdrew his nomination for the position.
By year-end 2017, Fifth Third determined that if McWilliams were confirmed as FDIC head, it would not move to have her return the $300,000 signing bonus the bank had paid her when she joined its staff.
Before McWilliams' confirmation, The Wall Street Journal previewed the proposed change in leadership at the FDIC, along with changes at the Federal Reserve and the Office of the Comptroller of the Currency, saying banks "can expect to see significant further relief" from postcrisis rules under the new leadership. In that context, the article referenced Dodd-Frank, The Volcker Rule, the Community Reinvestment Act, small-dollar loans ("Trump officials have said they want to encourage banks to offer loan products that compete" with payday lenders), new banks (from 237 new banks approved by the FDIC in 2005, two were approved in 2016 and seven in 2017; "McWilliams has said she wants to speed up new-bank approvals"), fintech, leveraged lending (loans to heavily in debted companies), cybersecurity("McWilliams cited cybersecurity as one of her priorities during her Senate testimony"), and capital, liquidity and overall and supplementary leverage rules.
Blocking reforms adopted by a majority of FDIC, Chair Jelena Obrenić McWilliams is a lawbreaker.
It is time for this political prostitute at the Federal Deposit Insurance Corporation to yield to majority rule, and progress. Otherwise, she must leave F.D.I.C. on the next Metro subway car -- no limo desired or required.
President Biden can fire Jelena Obrenić McWilliams for good cause, as shown in this article by law professors Baradaran and Kress, both banking law experts.
From The New York Times: