Biden Nominates Gruenberg as FDIC Chair
November 21, 2022.
On November 14, President Biden nominated Martin Gruenberg for permanent chairman of the Federal Deposit Insurance Corporation (FDIC).
Why it matters: Gruenberg has been serving as the FDIC's Acting Chair since the resignation of the former Chair Jelena McWilliams, a Trump appointee. He also led the agency from 2012 until McWilliams became Chair in 2018.
- Biden appointees, Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra and acting Comptroller of the Currency (OCC) Michael Hsu hold two of the five-person Board positions.
What’s next: In September, President Biden nominated two Republican candidates, Travis Hill, a former senior adviser to McWilliams, and Federal Housing Finance Agency senior counsel Jonathan McKernan, to serve as FDIC vice chairman and director, respectively. Confirmation hearings for Gruenberg, Hill, and McKernan likely will take place at the same time.
Yes, but: Rep. Patrick McHenry, R-N.C., who will become Chair of the House Financial Services Committee in January but has no role in the confirmation, strongly opposes Gruenberg’s nomination. According to Law360, McHenry stated,