President Obama to nominate Gruenberg as FDIC chairman

[cal04]

http://news.yahoo.com/s/ap/20110610/ap_on_go_pr_wh/us_obama_fdic

President Barack Obama said Friday that he will nominate Martin J. Gruenberg to become chairman of the Federal Deposit Insurance Corp.

Gruenberg would succeed Sheila Bair, who plans to end her five-year term as one of the nation's top banking regulators on July 8. Bair was a holdover from the Bush administration and one of several regulators who helped shape the federal response to the 2008 financial crisis.

Gruenberg's nomination will require Senate confirmation.

A longtime Democratic Senate staff member, he has been No. 2 at the FDIC since August 2005. The independent regulatory agency is charged with maintaining public confidence in the banking system. It guarantees bank deposits up to $250,000.

[thelordofhell]

1. Let the holdings commence

Fucking racist republicans