President Barack Obama announced last week that he will nominate Martin Gruenberg to become chairman of the Federal Deposit Insurance Corp (FDIC).

Gruenberg, who currently serves as vice chairman of the FDIC would replace Sheila Bair who's five-year term ends on July 8th.  Earlier this year, Bair announced that she did not intend to pursue a second term to lead the banking regulator.

Tim Johnson (D, SD) chairman of the Senate Banking Committee expressed support for the nomination, and pledged to move it quickly through the committee.

"I am confident that his intellect and years of experience in financial services, including distinguished service on the staff of the Senate Banking Committee, will make him an outstanding chairman," Johnson said. "I plan to move his nomination through the banking committee as quickly as possible, and I hope he will be swiftly confirmed by the full Senate. It is vital that we have strong leaders in place at our financial regulators as we continue the economic recovery."

Gruenberg joined the FDIC as vice chairman in 2005.  Prior to this role, he served as senior counsel to Senator Paul Sarbanes (D, MD) and on the Senate Banking Committee staff from 1993 to 2005.