The Fight for the FDIC

US
Jelena McWilliams, chairman of the Federal Deposit Insurance Corporation; and Randal K. Quarles, vice chairman of the Federal Reserve Board of Governors; testify before a Senate Banking, Housing and Urban Affairs Committee hearing on “Oversight of Financial Regulators” on Capitol Hill in Washington, U.S., December 5, 2019. (Erin Scott/Reuters)
How the Trump-appointed émigré leading the agency became a villain for the Left.




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W
hile the downfall of “Build Back Better” has been getting a lot of attention, it was not the only Washington policy drama with some surprise twists and turns last month. As progressives suffered at least temporary defeat when Senator Joe Manchin (D., W.V.) refused to endorse the massive spending bill, they ended 2021 by snagging a victory in a regulatory-turf battle. While the fight merely seemed to be concerned with technical issues of bank regulation, the consequences will be far-reaching, given that progressives are looking to ram through their desired mandates — particularly Green New Deal–style energy controls — with …

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