President Barack Obama intends to nominate Federal Deposit Insurance Corp. Vice Chairman Martin J. Gruenberg to succeed Sheila Bair as chairman, according to a White House statement.
Gruenberg has served as the agency’s vice chairman since 2005, and served as acting chairman for six months in 2005 and 2006. Obama announced his selection in an e-mailed statement today. Bloomberg News previously reported Obama’s decision.
Gruenberg would replace Bair, who was appointed by former President George W. Bush and took office in June 2006. She led the agency through the worst wave of banking failures since the savings-and-loan crisis of the 1980s. She is scheduled to step down as chairman after her term ends in July.
Before joining the agency, Gruenberg served as senior counsel to Senator Paul Sarbanes, a Maryland Democrat, and as staff counsel to the Senate Banking subcommittee on international finance and monetary policy.
Gruenberg graduated from Case Western Reserve University’s law school and Princeton University’s Woodrow Wilson School of Public and International Affairs.
His nomination is subject to confirmation by the Senate.