Obama to nominate Gruenberg for FDIC chair
President Obama plans to nominate Martin Gruenberg, current vice chairman of the Federal Deposit Insurance Corp., as the next chairman of the regulator. If approved by Congress, Gruenberg would replace Sheila Bair, who will leave the FDIC at the end of her term July 8. Congress confirmed Gruenberg as vice chairman in 2005. He served as acting chairman from November 2005 to June 2006 after then Chairman Donald Powell resigned. Before joining the FDIC, Gruenberg served as senior counsel to Sen. Paul Sarbanes (D-Md.) and on Senate Banking Committee staff from 1993 to 2005. Tim Johnson (D-S.D.), current chair of that powerful Senate committee chairman, supported the nomination in a statement released Friday night. "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." Write to Jon Prior. Follow him on Twitter @JonAPrior.