Trump Holdover McWilliams to Step Down as FDIC’s Chairman (1)

Federal Deposit Insurance Corp. Chairman Jelena McWilliams, a key bank regulator appointed by former President Donald Trump, will step down after clashing with officials installed by the Biden administration.

McWilliams’s resignation is effective Feb. 4, the FDIC said in a statement Friday. Her departure will remove an obstacle President Joe Biden and Congressional Democrats have faced in seeking to toughen oversight of banks and other financial firms.

McWilliams’s term was set to expire in 2023. FDIC board member Martin Gruenberg, a Democrat, is now set to become acting chair.

“It has been a tremendous honor to serve ...