A last-minute change in the nomination of a new chairman for the bank insurance fund board would result in the vice chairman of the board leaving by March, according to new information posted by the White House Monday.
The nomination of Jelena McWilliams as chairman of the Federal Deposit Insurance Corp. (FDIC) Board, considered Tuesday in a hearing by the Senate Banking Committee, was altered by the White House Tuesday. McWilliams had been nominated to fill a six-year term in the place of Jeremiah O’Hear Norton, who resigned in 2015 after serving three years on the board.
However, on Monday night, the White House withdrew McWilliams’ nomination for that seat. She was renominated, instead, to take the seat of FDIC Vice Chairman Thomas Hoenig, whose term expires in March.
In any event, if McWilliams is ultimately confirmed by the Senate, she will take the chairman’s seat now filled by Martin J. Gruenberg. His term as chairman expired in November; he holds the seat until his successor is confirmed.
Gruenberg’s term on the FDIC runs until November of this year.