Obama will nominate the FDIC Vice Chairman Martin Gruenberg to succeed Sheila Bair as chairman, Bloomberg reports.
Gruenberg, a Democrat, has been vice chairman of the FDIC since 2005.
Bair’s departure is planned for the end of July.
“Republicans have forced the withdrawal of Mr. Obama’s two most recent nominations for regulatory positions,” the New York Times reports, “but Mr. Gruenberg is viewed as a likely candidate to break that blockade. He worked for years as a Democratic staff member on the banking committee, which will consider his nomination, and maintains good personal relationships with members of both parties.”
Prior to his work at the FDIC, Gruenberg was counsel to Senator Paul Sarbanes and staff counsel to the Senate Banking subcommittee on international finance and monetary policy.
He has degrees from from Case Western Reserve University’s law school and Princeton.
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