The Senate has voted to confirm all three of President Joe Biden’s nominees to the Federal Deposit Insurance Corp. (FDIC) board of directors, including Martin Gruenberg as its chair, for full six-year terms.
Senate Banking Chair Sherrod Brown (D-Ohio) praised Gruenberg for his track record at the FDIC, including his previous term as chair from 2012 to 2018.
“Mr. Gruenberg’s credentials speak for themselves. A career public servant, the longest serving member of the FDIC board, and the Senate has confirmed him unanimously five times. He’s been nominated and confirmed over and over again,” Brown said on the Senate floor. “I don’t remember any FDIC nominee, or I’m not sure I remember any nominee for anything, that’s had that kind of experience, that level of expertise.”
His previous term expired in 2018, but members are allowed to remain on the board until replaced.
The Senate also confirmed Republicans Jonathan McKernan and Travis Hill to the board, designating Hill as vice chair.
Sen. Pat Toomey (R-Pa.), ranking member of the Senate Banking Committee, praised the nominations and confirmations of the two Republicans, both of whom had previously worked for Republicans on the Senate Banking Committee.
“Jonathan McKernan is highly qualified to serve as a member of the board of directors at the FDIC,” Toomey said in a press release. “I know firsthand that his knowledge of banking and housing finance issues will equip him well to serve on the FDIC board, and I’m confident that the agency will count both his thoughtful approach and his depth of knowledge as great assets.”
“Travis Hill’s significant experience in both the legislative and executive branch will deepen the FDIC board’s expertise and enhance the quality of its deliberations,” Toomey said. “Based on that experience, I am confident that Mr. Hill will faithfully carry out the FDIC’s mission of maintaining stability and public confidence in the nation’s financial system.”