A war of words ends with the Democrats in charge of a key regulator

“POWER GRAB”.FDIC An “attempt to politicise our regulators for their own gain”. “Extremist destruction of institutional norms.” The rhetoric flying around Washington sounds like the criticism once levelled against President Donald Trump about hot-button issues from border security to pollution controls. Instead, it is Republicans who have directed these barbs at Democrats in recent days, focused on something that, on the surface, seems far duller: the Federal Deposit Insurance Corporation, the agency tasked with protecting savers from bank busts.As the heated language suggests, the stakes are in fact high. Along with insuring bank accounts, the is 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.