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President Biden announces election for FDIC chairman

Published on

January 15, 2023
Read Time:1 Minute, 40 Second

United States President Joe Biden introduced that he would nominate incumbent Federal Deposit Insurance coverage Company (FDIC) Chairman Martin Gruenberg to fill the place for a five-year time period.

In a Nov. 14 announcement, President Biden mentioned said he meant to appoint Gruenberg, who beforehand served as performing FDIC chairman from 2005-2006, 2011-2012, and February 2022-present. Grünberg took over the performing place after the resignation of the earlier chair Jelena McWilliams.

Beneath FDIC rules, a chairperson of the FDIC Board of Administrators could serve for a five-year time period upon nomination by the U.S. President and affirmation by the Senate. With the Democratic Celebration retaining a Senate majority after the midterm elections, President Biden could possibly get his election handed with out partisan obstruction.

Gruenberg has spent his profession combating for shoppers and is well-equipped to guard the banking system from new and current threats.

I'm assured that below his management, the FDIC will work to make sure that banks serve the wants of American households, not simply financial institution managers.

— Elizabeth Warren (@SenWarren) November 14, 2022

Shortly after taking workplace in February Grünberg said One among his priorities for the FDIC in 2022 could be assessing the dangers of cryptocurrencies:

"To the extent that such actions may be carried out in a secure and sound method, banking trade authorities should present sturdy steerage on methods to handle regulatory and client safety dangers posed by crypto-asset actions."

Associated: Senator asks FDIC about allegations discouraging banking relationships with crypto firms

As performing chairman, Gruenberg presided when the FDIC issued cease-and-desist letters in August to firms that allegedly made false disclosures about cryptocurrency-related deposit insurance coverage. In October, the performing chief steered that stablecoins used for funds deserved additional scrutiny by the FDIC.

Grünberg will testify on November 15 earlier than the Senate Banking Committee and November 16 earlier than the Home Monetary Companies Committee on oversight of monetary regulators in the USA.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : January 15, 2023
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