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Frank expects Gruenberg to be tapped to lead FDIC
April 7, 2011 / 7:44 PM / 7 years ago

Frank expects Gruenberg to be tapped to lead FDIC

WASHINGTON (Reuters) - Representative Barney Frank said he expects the Obama administration to nominate Martin Gruenberg to be the next chairman of the Federal Deposit Insurance Corp, a top U.S. banking regulator.

The term of the current chairman, Sheila Bair, is up in June.

Gruenberg joined the FDIC board in 2005 and is currently the regulator’s vice chairman. Before coming to the FDIC he was a Democratic staff member on the Senate Banking Committee.

“I think it’s likely to be Marty Gruenberg, and that will be good,” Frank said in an interview on Thursday. “It’s just the logical thing to do. He’s got a lot of experience, it would be great continuity. And from the standpoint of confirmation, he was on the committee and I think he would have the best shot at it.”

Gruenberg’s nomination would have to be approved by the Senate.

A White House spokeswoman did not immediately respond to a request for comment.

Frank is the top Democrat on the House Financial Services Committee and one of the two main authors of the sweeping financial market reform law enacted last July.

The FDIC regulates federally insured depository institutions and was given a bigger role in policing financial markets by the Dodd-Frank reform law.

The FDIC will run the government’s new power to liquidate large, failing financial firms the government determines need to be unwound smoothly to avoid disrupting financial markets.

Currently, a handful of financial regulatory posts are unfilled, including the top jobs at the Office of the Comptroller of the Currency, which has an acting chief, and the new Consumer Financial Protection Bureau, which opens its doors on July 21.

Frank said the Obama administration is having a hard time finding nominees for many of these vacancies because of objections from Senate Republicans who have the numbers to filibuster any pick.

Reporting by Dave Clarke, editing by John Wallace

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