WASHINGTON, D.C. — President Joe Biden today announced his intent to nominate Martin Gruenberg to serve as chairperson of the Federal Deposit Insurance Corporation (FDIC). It would be Gruenberg’s second time leading the FDIC, having previously served as chair from 2012 to 2018.
In response, Bartlett Naylor, financial policy advocate at Public Citizen, issued the following statement:
Public Citizen welcomes the President’s choice of seasoned bank regulator Martin Gruenberg to chair the FDIC. Gruenberg helped shape sensible rules to implement Congress’ Wall Street reform law following the 2008 crash, then oversaw a recovering banking system that recorded a record low number of failures. At a time when rising interest rates are roiling mortgage markets, a crypto collapse that is falling most harshly on vulnerable Americans, and a needed reform of the Community Reinvestment Act, the president could not find a better veteran to lead us through these turbulent waters.