February 4, 2012 / 12:20 AM / 6 years ago

Obama nominates JP Morgan executive to FDIC board

WASHINGTON (Reuters) - President Barack Obama announced on Friday the nomination of JP Morgan Chase and Co executive Jeremiah Norton to fill an open spot on the Federal Deposit Insurance Corp’s board of directors.

Norton currently works as an executive director for JP Morgan Securities LLC, where he advises institutions on mergers and acquisitions. He previously served as a Deputy Assistant Secretary for Financial Institutions Policy at the U.S. Treasury Department from 2007 to 2009.

He also once worked for Republican Congressman Edward Royce, where he advised him on banking and insurance issues.

With this announcement, Obama has nominated a full five-member board for the FDIC.

The full Senate has yet to vote on the nominees, however, because of a political impasse over the newly created Consumer Financial Protection Bureau. Richard Cordray, the director of the CFPB, was installed as a recess appointment by Obama last month after Republicans blocked a vote on his confirmation.

In addition to being the head of the CFPB, Cordray is also serving on the FDIC board.

President Obama has also nominated Martin Gruenberg to serve as the chairman of the FDIC and Thomas Hoenig as vice chairman. Gruenberg is currently serving as acting chairman while awaiting confirmation.

Thomas Curry, who was nominated as the U.S. Comptroller of the Currency, is also currently serving on the FDIC board.

The heads of both the OCC and the CFPB each get an automatic spot on the FDIC board.

According to a congressional aide, Norton’s nomination was suggested to Obama by the Senate Republican leadership.

The fate of all of Obama’s nominees is currently up in the air, however, due to the controversy surrounding Cordray’s recess appointment.

Reporting By Sarah N. Lynch and Dave Clarke; editing by Andre Grenon

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