United States President Joe Biden announced he would be nominating Federal Deposit Insurance Corporation (FDIC) Acting Chair Martin Gruenberg to assume the position as part of a five-year term.
In a Nov. 14 announcement, President Biden said he intended to nominate Gruenberg, who has previously served as acting FDIC chair from 2005 to 2006, 2011 to 2012, and from February 2022 to the present. Gruenberg assumed the temporary position following the resignation of former Chair Jelena McWilliams.
According to FDIC regulations, a chairperson of the FDIC’s board of directors may serve for a term of five years following a nomination from the U.S. president and confirmation by the Senate. As the Democratic Party will retain majority control of the Senate following the midterm elections, President Biden may be able to see his pick go through without partisan obstructionism.