Obama to Nominate Gruenberg as New FDIC Chief

Gruenberg, FDIC's current vice chair, to replace Sheila Bair

More On Legal & Compliance

from The Advisor's Professional Library
  • Trading Practices and Errors When SEC-registered investment advisors conduct annual audits of firm policies and procedures, they should pay close attention to trading practices.  Though usually not required to, state-registered advisors should look at their trading practices and revise policies that do not fully protect clients.
  • Books and Records Rule Thorough and complete books and records enable RIAs to demonstrate that they have fulfilled their fiduciary obligations to clients and complied with applicable rules and regulations.

The White House said on Friday that President Barack Obama will nominate Martin Gruenberg as chairman of the Federal Deposit Insurance Corp. (FDIC), replacing Sheila Bair, whose term expires this month.

Gruenberg has been serving as vice chairman of the FDIC since 2005.

Sen. Tim Johnson (D-S.D.) chairman of the Senate Banking Committee, said in a statement on Monday that Gruenberg “has done excellent work” as vice chairman of the FDIC, adding that Gruenberg’s “intellect and years of experience in financial services, including distinguished service on the staff of the Senate Banking Committee, will make him an outstanding chairman.”

Johnson said he plans to move Gruenberg’s nomination through the Banking Committee “as quickly as possible,” in hopes that he will be “swiftly confirmed” by the full Senate.

As the nation continues its economic recovery, Johnson said, “it is vital that we have strong leaders in place at our financial regulators.”

Reprints Discuss this story