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President Appoints New FDIC Chairs

President Obama has appointed two new chairs to lead the ""FDIC's"":http://www.fdic.gov/ board of directors, the agency announced.

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Martin J. Gruenberg is the board's new chairman. Gruenberg has served on the FDIC's board of directors since August 2005 and has served as the acting chairman from November 2005 to June 2006 and from July 2011 to the present. Prior to joining the board, he served as senior counsel to Senator Paul Sarbanes (D-Maryland) on the staff of the Senate Committee on Banking, Housing, and Urban Affairs. He also worked as staff director of the Banking Committee's Subcommittee on International Finance and Monetary Policy.

Thomas M. Hoenig, the new vice chairman, served recently as the president of the Federal Reserve Bank of Kansas City and was a member of the Federal Reserve System's Federal Open Market Committee from 1991 to 2011. During his 38-year tenure at the Fed, he held a number of leadership roles, serving as the president of the Kansas City Fed starting in 1991.

The Senate confirmed the men for their respective positions in mid-November. President Obama signed the orders shortly thereafter, making the confirmations official. Both men were confirmed by the Senate for six-year terms as members of the board in March 2012.

""I am deeply appreciative of the President's action to designate Tom Hoenig as Vice Chairman and me as Chairman of the FDIC,"" Gruenberg said. ""The FDIC's mission of maintaining public confidence in the financial system has never been more important. It is a privilege to have the opportunity to lead this great public institution.""

Hoenig expressed his own gratitude, as well.
""I am honored to serve as the Vice Chairman of the FDIC at such a pivotal time for our country's banking system and look forward to working with my colleagues at the FDIC and other banking agencies,"" he said.

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