Skip to content

Wall Street Braces for More Rules With Trump-Era FDIC Chief Gone

  • Democrats’ agenda takes shape as GOP holdovers dwindle
  • Fed’s Powell has said he’ll defer to Biden’s supervision pick
Jelena McWilliams
Jelena McWilliamsPhotographer: Andrew Harrer/Bloomberg

Wall Street firms are suddenly facing the prospect of a Democratic wish list of new rules in the coming year -- targeting bank mergers, cryptocurrencies and even climate change -- now that a key holdover of Donald Trump’s administration is abruptly standing aside.

The surprise announcement on New Year’s Eve that Jelena McWilliams will step down as chairman of the Federal Deposit Insurance Corp. -- an agency that plays a significant role in overseeing financial giants including JPMorgan Chase & Co. and Goldman Sachs Group Inc. -- will leave Federal Reserve Chair Jerome Powell, who has supported easing some bank constraints, one of few remaining officials who can block an era of tougher regulation sought by progressives.