Washington D.C. – Tom Quaadman, executive vice president of the U.S. Chamber's Center for Capital Markets Competitiveness issued the following statement regarding recent actions by Federal Deposit Insurance Corporation's (FDIC) board members to circumnavigate Chair Jelena McWilliams.
“The FDIC’s mission is to maintain stability and public confidence in the nation’s financial system, which is grounded in the willingness of its independent board members to act as honest brokers and strive to build consensus.
“Attempting to circumnavigate the FDIC Board Chair, or any independent agency chair, to achieve political objectives singled out by a White House Executive Order erodes the agency’s independence and endangers the public trust.
“Partisan actions today that break from well-established precedent will politicize the banking regulations of tomorrow regardless of who is in power. Our banking system and the businesses that trust it with their deposits and rely on it for affordable credit, cannot afford a whipsaw in financial regulation.
“We encourage all FDIC Board Members to work in an honest and collegial manner, especially on matters where they disagree.”
