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Charlie Steele featured in Global Risk Regulator

February 16, 2022

Amid the recent Federal Deposit Insurance Corp (FDIC) resignation, are US agencies becoming more politicised?

US regulatory agencies are mostly made up of non-political appointees who follow direction of the president in office. There are some policy swings, but these normally occur within a manageable spectrum.

FRA partner Charlie Steele - former senior official at the US Treasury and DOJ - shares his thoughts on the recent spat between Republican chairman Jelena McWilliams and Democrat board members at US regulator the Federal Deposit Insurance Corp over US bank mergers in Global Risk Regulator.

"Over the years, every now and then there might be an episode here or there but historically, I don't think that was the norm and most of the regulatory agencies operated mainly in a non-partisan way. This one is a proper dust-up. Friction or tension or butting heads over competing visions may be the norm now, but I would say it was not the norm before 2016. Personally, I think it's better that US regulatory agencies be less politically activist and more moderate in their actions, so there is more stability and predictability over the long run."

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