As had been anticipated for some time, the White House last night said that President Trump would nominate Jelena McWilliams to serve as FDIC chairman. McWilliams is EVP and general counsel at Cincinnati-based regional bank Fifth Third, which she joined earlier in 2017.
American Bankers Association President and CEO Rob Nichols welcomed her nomination. “Her substantial banking and policy experience provide her with a valuable perspective in developing policies that will maintain public confidence in the nation’s financial system,” he said. “We look forward to her working with the new leadership at the Federal Reserve and OCC to ensure financial rules promote economic growth and customer needs while still protecting safety and soundness.”
McWilliams was previously chief counsel and deputy staff director at the Senate Banking Committee under former Chairman Richard Shelby (R-Ala.), and she also served as counsel to the Senate Small Business Committee. Earlier in her career, McWilliams was an attorney in private practice and at the Federal Reserve Board of Governors.
McWilliams will replace Chairman Martin Gruenberg, who has led the agency in acting or confirmed capacities since 2011 and on the FDIC board since 2005.