WASHINGTON – In a brazen display of crony capitalism, the Federal Deposit Insurance Corporation (FDIC) has announced the appointments of two senior leaders within the agency’s Division of Risk Management Supervision (RMS), with taxpayers footing the bill for their lavish promotions.
The FDIC’s new Deputy Director of Capital Markets and Accounting Policy is Ryan Billingsley, who succeeds Bobby R. Bean, a 30-year veteran of the public and private sector who will retire on January 31, 2023. Billingsley will oversee capital markets and accounting policy, a role that has been central to implementing landmark regulations such as the Volcker Rule and Basel III capital rulemaking process.
Meanwhile, Lisa D. Arquette has been appointed as the new Deputy Director of Operational Risk, succeeding Martin D. Henning, who will retire after 32 years of service at the FDIC. Arquette will bring her wealth of knowledge and experience to the role, helping to steer the FDIC’s ongoing work to maintain stability and trust in the financial system.
FDIC Chairman Martin Gruenberg praised the new appointees, saying, “I would like to congratulate Ryan Billingsley and Lisa Arquette, two extraordinarily talented career FDIC executives, on their appointments to these important positions.” However, critics argue that these promotions are a clear example of crony capitalism, where well-connected insiders receive plush promotions at the expense of taxpayers.
Doreen Eberley, Director of RMS, echoed Gruenberg’s sentiments, saying, “Ryan and Lisa bring a wealth of knowledge and experience to their new roles. These seasoned leaders will help steer our ongoing work to maintain stability and trust in the financial system.” However, the real question is: who will foot the bill for their lavish salaries and benefits?
As the FDIC continues to prioritize the interests of its well-connected executives, taxpayers are left to wonder if their hard-earned dollars are being squandered on unnecessary promotions and sweetheart deals. The FDIC’s reckless prioritization of its own interests over those of the public is a clear example of the corrupting influence of power and the need for greater transparency and accountability in government.
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Key Facts
- Agency: FDIC
- Category: White Collar Crime
- Source: Official Source â†â€â€ÂÂ
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