President Obama yesterday announced that he intends to nominate Martin Gruenberg as Chairman of the Board of Directors for the Federal Deposit Insurance Corporation.

Gruenberg has served as vice chairman of the FDIC board of directors since August 2005, and his nomination follows the announcement from former chair Sheila Bair that she will depart from her FDIC post on July 8.

For a number of months spanning November 2005 to June 2006, Gruenberg served as active chairman of the FDIC board of directors and in 2007, was named chairman of the executive council and president of the International Association of Deposit Insurers (IADI).

Prior to his work for the FDIC, Gruenberg served as senior counsel to Sen. Paul Sarbanes (D-Md.) on the staff of the Senate Committee on Banking, Housing and Urban Affairs.

The FDIC is charged with examining and supervising financial institutions for safety and soundness and consumer protection, as well as promoting sound public policies, addressing risks in the nation’s financial system, and carrying out its insurance, supervisory, consumer protection, and receivership management responsibilities.

Written by Elizabeth Ecker