Washington, D.C. — Yesterday, Federal Deposit Insurance Corporation (FDIC) Chairman Jelena McWilliams overruled a legitimate action of a majority of the board of directors to request information on bank mergers. In response, Todd Phillips, director of Financial, Regulatory, and Corporate Governance at the Center for American Progress, gave the following statement:
A majority of the FDIC’s board of directors acted within their legal authority to issue a request for information on the important topic of the government’s response to bank mergers. Yet because she lost the vote, the FDIC’s chairman is claiming that the action is invalid. The American public voted for strong progressive values, and Director Martin Gruenberg, Director Rohit Chopra, and acting Comptroller Michael Hsu should be commended for their initiative and should continue pushing the FDIC to stand up to Wall Street.
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