The Functional Government Initiative today requested records from four federal agencies that will provide transparency into actions by senior banking regulators that raise questions over the future of independent agencies. FDIC board member and director of the Consumer Financial Protection Bureau (CFPB) Rohit Chopra was among the leading voices supporting what former FDIC Chairman Jelena McWilliams called an attempted “hostile takeover.” The FDIC is responsible for insuring deposits and promoting the stability of the nation’s banking system. Its chairman is appointed to a five-year term, meant to insulate the agency from quickly changing policy agendas after presidential elections. By the FDIC’s longstanding policies and practices, the FDIC chairman sets the agenda of the agency and supervises its staff as CEO.