A boardroom bust-up at the FDIC reveals President Biden’s distaste for big banks
As the heated language suggests, the stakes are in fact high. Along with insuring bank accounts, theis one of the institutions that approves bank mergers in America. That makes it a crucial player in the Biden administration’s plans to impose stricter rules on the financial system. And the Democrats have now taken full control of it after a nasty boardroom battle.’s board, which should in theory have let them have their way.
The clash is a window onto the efforts of progressives within the Democratic party to make their mark on the institutions overseeing the economy. Mr Chopra is an ally of Elizabeth Warren, a senator who is a champion of the Democrats’ left wing. Others liked by Ms Warren—notably, Lina Khan, head of the Federal Trade Commission, and Gary Gensler, chairman of the Securities and Exchange Commission—are also in key roles.
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