FDIC Leadership Becomes Official

WASHINGTON — It was a long time coming, but the Federal Deposit Insurance Corp. officially has a permanent chairman and No. 2 running the agency.

Following nearly 17 months of Martin Gruenberg taking over for former Chairman Sheila Bair on only an acting basis, the agency announced Friday that President Obama had late in the week formally validated Gruenberg's Senate confirmation to run the FDIC for a five-year term, as well as Thomas Hoenig's confirmation to be vice chairman.

The presidential orders brought to a close a somewhat complicated process to appoint a successor for Bair. Obama had nominated Gruenberg as chairman back in June 2011, and Hoenig as vice chairman the following October, but their Senate confirmations were caught up in a political stalemate between the parties over presidential appointments. The Senate in March approved the two men for six-year seats on the FDIC's board of directors - with Gruenberg continuing as acting chairman - but passed on voting on their leadership designations until after the election. GOP members were hoping a Republican presidential victory would give a new administration the chance to select its own chairman.

With Obama having won reelection, the Senate finally confirmed Gruenberg and Hoenig to the leadership posts on Nov. 15.

"It is a privilege to have the opportunity to lead this great public institution," Gruenberg said in a statement issued by the FDIC on Friday.