Executive Session

Floor Speech

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Mr. CRAPO. Mr. President, I rise in support of the nominations of Ms. Jelena McWilliams to be Chair and a member of the Federal Deposit Insurance Corporation.

As one of the three primary Federal financial regulators, the FDIC plays a critical role in the U.S. financial system, particularly for community banks. As head of the FDIC, Ms. McWilliams will be responsible for administering the Deposit Insurance Fund and ensuring the safety and soundness of the financial system while also promoting economic growth. She will also contribute to deliberations on financial stability as a member of the Financial Stability Oversight Council.

In having focused extensively on financial institutions throughout her career in both the private and public sectors, Ms. McWilliams is supremely qualified for this position.

She has a unique view of the U.S. regulatory system and its regulated entities, most recently serving as the chief legal officer, executive vice president, and corporate secretary for Fifth Third Bank, which is a regional bank based in Ohio. Prior to that, she served as a valuable member of the Banking Committee's staff for both Senator Shelby and me. Ms. McWilliams also worked as an attorney at the Federal Reserve during the financial crisis and on the Small Business Committee under former Senator Snowe.

Many of my colleagues and I can personally attest to her qualifications, her good judgment, and her expertise, which will be an asset to the FDIC and to the country.

At her nomination hearing in January, Ms. McWilliams demonstrated a deep knowledge of the issues overseen by the FDIC as well as a commitment to carrying out its mission. She discussed how her personal experience has shaped her conviction in the FDIC's unique responsibility as a deposit insurer, noting that one of the side effects of the civil war that broke apart the former Yugoslavia was a collapse of its financial system. Her parents, who still lived there, had their savings disappear overnight when a local bank closed its doors. Yugoslavia had no deposit insurance, and her then 68-year-old father returned to work as a day laborer.

As she stated at her hearing, ``I can assure you that the core mission of the FDIC resonates profoundly with me and, if confirmed, I will not take its mission or my duties lightly.''

Ms. McWilliams has conveyed a strong desire to encourage economic growth and facilitate new bank creation by continuing to address the disproportionate regulatory burden that is faced by community banks. Additionally, she acknowledged the need to expand Americans' access to credit and the banking system.

If confirmed as a member and Chair of the FDIC, I look forward to having the opportunity to work with Ms. McWilliams on these important issues. I strongly support her nominations today, and I urge my colleagues to do the same.

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