Reuters: Regulatory News: US Senate panel OKs nominees to FDIC, Treasury

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US Senate panel OKs nominees to FDIC, Treasury Mar 29th 2012, 17:56 WASHINGTON, March 29 | Thu Mar 29, 2012 1:56pm EDT WASHINGTON, March 29 (Reuters) - The U.S. Senate Banking Committee on Thursday voted to approve the nomination of JP Morgan Chase and Co executive Jeremiah Norton to fill a post on the Federal Deposit Insurance Corporation board. Norton currently works as an executive director for JP Morgan Securities LLC, where he advises institutions on mergers and acquisitions. He previously served as a deputy assistant secretary for financial institutions policy at the U.S. Treasury Department from 2007 to 2009. The Banking Committee has now approved a full slate of candidates for the five-member FDIC board. Democrats may try to get the nominees confirmed by the full Senate this week before leaving for a recess. Currently both the FDIC and the Office of the Comptroller of the Currency are being run by acting leaders. Both agencies regulate banks and are playing key roles in drafting rules to carry out the 2010 Dodd-Frank financial oversight law. The OCC chief is a member of the FDIC board as is the director of the new Consumer Financial Protection Bureau, a job held by former Ohio Attorney General Richard Cordray. Obama side-stepped the Senate and installed Corday into his position in January to get around Republican opposition. Obama has nominated Martin Gruenberg to lead the FDIC and Thomas Curry to take the top spot at the OCC. Both are currently members of the FDIC board with Gruenberg serving as the acting chairman. Former Kansas City Federal Reserve Bank President Thomas Hoenig has been nominated to be the FDIC's vice chairman. Both Hoenig and Norton were recommended by Republicans. The president traditionally fills the board with two members recommended by the opposition party because no more than three members of the board can be from the same party. The committee also approved the nomination of Richard B. Berner to be director of the Treasury Department's Office of Financial Research. The office was created by Dodd-Frank to keep track of risks that could roil financial markets and damage the economy. Link this Share this Digg this Email Reprints

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