WASHINGTON Senate Banking Committee Chairman Paul Sarbanes has scheduled a confirmation hearing for Tuesday, June 26, on Texas community banker Donald E. Powells nomination for the Federal Deposit Insurance Corp. chairmanship.
Separately, the committee has postponed a vote scheduled for today to confirm Roger W. Ferguson Jr. to the Federal Reserve Board. The vote cannot be rescheduled until the Senate, now controlled by the Democrats, finalizes its new operating rules, a panel spokesman said.
Mr. Powell, chairman of the First National Bank of Amarillo, is expected to be asked about his positions on deposit insurance reform, predatory lending, and the Community Reinvestment Act. Until now, Mr. Powell has given no hints about his views on those subjects.
If confirmed, Mr. Powell will replace outgoing FDIC Chairman Donna Tanoue, who announced her resignation last week. She will officially step down July 11. If Mr. Powell is not sworn in before then, FDIC Director John Reich will become acting chairman.
