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Lucas Statement on Chopra's Illegitimate Attempt to Seize Power at FDIC

Statement

Date: Dec. 10, 2021
Location: Cheyenne, OK
Issues: Finance and Banking

Congressman Frank Lucas (OK-03) released the following statement regarding Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra's and Federal Deposit Insurance Corporation (FDIC) Board Member Martin Gruenberg's attempt to circumvent FDIC Chairman Jelena McWilliams:

"The decision made by certain members of the FDIC Board to usurp the authority of Chairwoman McWilliams and other members of the Board is highly concerning and represents a threatening departure of independence at the FDIC.

"For nearly 90 years, the FDIC has worked in a cooperative manner to maintain stability and public confidence in our nation's financial system. The illegitimate attempt by Director Chopra undermines the very integrity of the FDIC.

"The Biden Administration's willingness to weaponize the financial regulators will undermine the strength and resilience of the most important and influential financial system in the world. Democrats and Republicans alike should disavow this flagrant political interference."


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