WASHINGTON — Thomas Hoenig and Jeremiah Norton were officially sworn in Monday as the two newest members of the Federal Deposit Insurance Corp. board of directors.
The two new directors bring the FDIC board to its full five-member capacity for the first time since July 2011, when former FDIC Chairman Sheila Bair left the agency. Hoenig comes to the agency after having stepped down last year as president of the Federal Reserve Bank of Kansas City. Norton had prior positions as an executive director at JPMorgan Securities, deputy assistant Treasury secretary for financial institutions policy and legislative assistant for Rep. Edward Royce, R-Calif.
"They both are accomplished individuals, and their perspectives and experience will be important additions to the board as the FDIC continues to respond to a number of challenging issues and continues with the rulemaking process," Martin Gruenberg, the FDIC's acting chairman, said in a press release.
Hoenig and Norton's appointments were recommended by senior GOP lawmakers under rules that bar a sitting administration from choosing more than three FDIC board members from the president's party.
However, even though senators confirmed them to sitting on the board last month, the agency's leadership designations are still unresolved, with Congress unlikely to act before the November elections. Gruenberg's nomination to become permanent chairman is still pending, as is Hoenig's nomination to be vice chairman.
The other two FDIC board seats are filled by Comptroller of the Currency Thomas Curry and Consumer Financial Protection Bureau Director Richard Cordray.