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Biden to Nominate Martin Gruenberg for 2nd Term as FDIC Chair

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President Biden has announced plans to nominate Martin Gruenberg, acting chairman of the Federal Deposit Insurance Corporation’s board or directors, to lead the FDIC on a permanent basis.

Gruenberg has been a member of the FDIC’s board since August 2005 and has held chairman and vice chairman roles at the banking regulator, the White House said Monday.

If confirmed by the Senate, Gruenberg would serve his second term as head of the federal agency, having previously completed a five-year term as chairman of the FDIC board from 2012 to 2018.

Prior to joining the FDIC, Gruenberg was a Senate staffer focused on banking, domestic and international financial regulation, trade and monetary policy.

He also served as chairman of the executive council and president of the International Association of Deposit Insurers.

In a separate statement, Sen. Sherrod Brown, D-Ohio, chairman of the Senate Committee on Banking, Housing and Urban Affairs, said Gruenberg brings “years of experience shepherding the agency through difficult economic times.”

“With experienced leadership at the helm, the FDIC can continue to address risks to our financial system, increase access to affordable financial services to consumers, and ensure that banks honor their commitment to communities across the country through the Community Reinvestment Act.” Brown continued.