President Obama plans to nominate Martin Gruenberg, a Democrat, who has been vice chairman of the Federal Deposit Insurance Corp [FDIC] since 2005, to be the next chairman of the FDIC, Reuters reports. Gruenberg would replace Sheila Bair, whose term expires this summer.
The post calls for US senate confirmation, where many Obama recommendations have been held up by Republicans.
[From Reuters]: “I am confident that his intellect and years of experience in financial services…will make him an outstanding chairman,” said Democratic Senate Banking Committee Chairman Tim Johnson in a statement.
Bair leaves the position on July 8 and the administration had been anticipated to tap Gruenberg as her replacement.
In a statement on Friday, Bair said Gruenberg’s “long tenure at the FDIC and significant expertise in financial services issues make him an outstanding selection for this position.”
Gruenberg has degrees from Case Western Reserve University’s law school and Princeton.