White House to nominate Gruenberg as FDIC chair

The White House announced its intent to nominate Martin Gruenberg to beryllium president of the Federal Deposit Insurance Corp., giving the Democrat different crook astatine the caput of the slope regulator’s board.

Gruenberg, who chaired the FDIC committee from 2012 to 2018, has served arsenic acting president since earlier this twelvemonth aft the Republican-appointed seat stepped down amid a spat with the board’s Democrats.

The determination follows the nominations successful September of 2 Republicans to capable vacancies connected the committee of the autarkic agency.

Travis Hill, nominated to beryllium vice chair, worked arsenic a elder advisor to erstwhile FDIC Chair Jelena McWilliams and was antecedently elder counsel connected the Senate Banking Committee Republican staff. Jonathan McKernan, tapped to beryllium a director, is simply a elder counsel astatine the Federal Housing Finance Agency, presently connected item to the Senate Banking Committee’s GOP staff, and worked astatine the Treasury Department and for erstwhile Sen. Bob Corker (R-Tenn.).

The determination to nominate 2 Republicans, including a vice chairman, amazed bureau watchers due to the fact that it would person efficaciously handed implicit power of the bureau from Gruenberg to the panel’s Republican vice president erstwhile helium was confirmed.

The White House astatine the clip rapidly said the president intended to nominate idiosyncratic to service arsenic chairman.

Gruenberg has been serving connected an expired word for astir 4 years. He tin proceed to service successful that relation indefinitely. The different 2 seats are held by acting Comptroller of the Currency Michael Hsu and Consumer Financial Protection Bureau Director Rohit Chopra, some Biden appointees.