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
  • Use and Misuse of Social Media Social media is an inexpensive and effective way to communicate with established and prospective clients.  Nevertheless, when RIAs utilize social media to promote their advisory practices, they risk compliance problems for their firms.
  • How to Avoid Sabotaging Your Compliance Exam There is much more to compliance examination survival than knowing all of the rules. It helps to understand why the rules were put in place—and to recognize that examiners are not the enemy.

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
This is where the comments go.