Senate Confirms Taylor for FDIC
WASHINGTON -- In a voice vote late Tuesday, the Senate confirmed the nomination of William Taylor as chairman of the Federal Deposit Insurance Corp.
Mr. Taylor, who had headed the Federal Reserve's division of banking supervision and regulation, is expected to assume the post this week if sworn in promptly. He replaces L. William Seidman, whose six-year term ended on Oct. 16.
Mr. Taylor must decide whether to raise banks' insurance premium from the current 23 cents per $100 of deposits.
The FDIC estimates the fund will lose $9.6 billion to $14.1 billion next year, up from a previous estimate of $3 billion to $11 billion, according to a letter to the Senate Banking Committee from FDIC director Andrew Hove. Reuters reported on the letter Wednesday.
Mr. Taylor, 52, cruised through the confirmation process but was questioned about his agency's dealings with Bank of Credit and Commerce International. The Senate Banking Committee last week voted 21-0 for confirmation, clearing the way for the full Senate's action.
The banking committee has delayed for several months the issue of confirming Robert L. Clarke for a second term as comptroller of the currency.