Would McWilliams stay on at FDIC if Biden wins?
By Brendan Pedersen
At the end of 2008, in the midst of a financial crisis, then-Federal Deposit Insurance Corp. Chair Sheila Bair — a Republican appointed by the George W. Bush administration — told Barack Obama’s transition team that she would resign if the newly elected president wanted to choose a replacement. Others said a Biden administration could focus on more bipartisan financial policy centered on managing the economic fallout from COVID-19. …“Crises tend to unite, or at least they used to, in hearts and actions,” said Karen Petrou, managing partner of Federal Financial Analytics. “An FDIC dealing with a significantly weakened banking system is a very different FDIC than the one we’ve had for the last three years; it’s a much more bipartisan agency. “Some people feel in the midst of a crisis that continuity is incredibly important,” Petrou added. “I think everyone knows that we’re holding our breath from a credit risk and operational risk perspective. We don’t know the structural damage COVID is exerting on the economy and therefore on the financial system, and that’s going to set the regulatory agenda.”
https://www.americanbanker.com/news/would-mcwilliams-stay-on-at-fdic-if-biden-wins
