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June 15, 2011 – The president on Monday nominated Martin Gruenberg to be the next chairman of the FDIC now that Sheila Bair is set to step down from the post July 8.

Gruenberg has been a member of the FDIC Board since August 2005 and is vice chairman. He served a stint as acting chairman from November 2005 until Bair's confirmation to the chairmanship in June 2006. He is being nominated for reappointment to the board through Dec. 27, 2018, and for a five-year term as FDIC chairman.

Before joining the FDIC Board, Gruenberg was senior counsel to Sen. Paul Sarbanes, D-Md., and was on the Senate Banking staff from 1993 to 2005. He has also served as staff director for the international finance and monetary policy subcommittee and was involved in the 1989 Financial Institutions Reform, Recovery and Enforcement Act, the 1991 Federal Deposit Insurance Improvement Act, the Gramm-Leach-Bliley Act and the Sarbanes-Oxley Act.

His nomination awaits action of the Senate Banking Committee.