Martin Gruenberg
Chairman of the Federal Deposit Insurance Corporation
Assumed office
February 5, 2022
Acting: February 5, 2022 – January 5, 2023
PresidentJoe Biden
Preceded byJelena McWilliams
In office
July 9, 2011 – June 5, 2018
Acting: July 9, 2011 – November 28, 2012
PresidentBarack Obama
Donald Trump
DeputyThomas M. Hoenig
Preceded bySheila Bair
Succeeded byJelena McWilliams
In office
Acting: November 16, 2005 – June 26, 2006
PresidentGeorge W. Bush
Preceded byDonald E. Powell
Succeeded bySheila Bair
Personal details
Born1953 (age 70–71)
Political partyDemocratic
EducationPrinceton University (AB)
Case Western Reserve University (JD)

Martin J. Gruenberg (born 1953) is an American attorney who serves as the two-time and current chairman, as well as three-time acting chairman, of the U.S. Federal Deposit Insurance Corporation (FDIC).[1][2]

Education

Gruenberg received an A.B. from Princeton University's Woodrow Wilson School of Public and International Affairs.[2] He received a J.D. from Case Western Reserve University School of Law in 1979.[3]

Career

Before joining the FDIC Board, Gruenberg served as senior counsel to Senator Paul S. Sarbanes (D-MD) on the staff of the Senate Committee on Banking, Housing, and Urban Affairs (Senate Banking Committee) from 1993 to 2005. He also served as Staff Director of the Banking Committee's Subcommittee on International Finance and Monetary Policy from 1987 to 1992.

Gruenberg served as chairman of the executive council and president of the International Association of Deposit Insurers from November 2007 to November 2012.

Federal Deposit Insurance Corporation (FDIC)

Gruenberg has served on the FDIC Board of Directors since August 22, 2005, with confirmations by the Senate on July 29, 2005 by voice vote,[4][5] on March 29, 2012 by voice vote,[6] and on December 19, 2022 by a vote of 45–39.[7]

From the beginning of his tenure on the board until his first Senate confirmation as chairman in 2012, Gruenberg served as the Senate-confirmed vice chairman.[8] He served as acting chairman under President George W. Bush from November 16, 2005 to June 26, 2006, until the confirmation of Sheila Bair.

Gruenberg also served as acting chairman under President Barack Obama from July 9, 2011 to November 28, 2012. In 2011, Obama nominated Gruenberg for a full five-year term as chairman, and was confirmed by the Senate on November 15, 2012.[2][9] He served as chairman of the FDIC from November 28, 2012 to June 5, 2018. During this period, Operation Choke Point took place. The FDIC and Department of Justice settled multiple lawsuits related to Operation Choke Point for the pressuring of banks to shut down the accounts of legal industries accessing banking services.[10]

In December 2019, he became the longest-serving director in FDIC history, surpassing Preston Delano, who served in his capacity as Comptroller of the Currency from 1938 to 1953.[11]

Under President Joe Biden, Gruenberg served as acting chairman for a third time beginning on February 5, 2022. Biden nominated Gruenberg for a second full term in November 2022, and the nomination was confirmed by the Senate on December 19, 2022.[12] Gruenberg was sworn in for his second Senate-confirmed term as chairman on January 5, 2023.[13]

References

  1. ^ "FDIC Board of Directors". February 5, 2022. Retrieved February 5, 2022.
  2. ^ a b c "FDIC: Board of Directors & Senior Executives". FDIC.gov. Retrieved December 26, 2012.
  3. ^ "CWRU Law Alum Martin Gruenberg Sworn In as FDIC Chairman". School of Law | Case Western Reserve University. January 10, 2023. Retrieved March 12, 2023.
  4. ^ "PN753 — Martin J. Gruenberg — Federal Deposit Insurance Corporation, 109th Congress (2005-2006)". United States Congress. Retrieved December 22, 2022.
  5. ^ "PN759 — Martin J. Gruenberg — Federal Deposit Insurance Corporation, 109th Congress (2005-2006)". United States Congress. Retrieved December 22, 2022.
  6. ^ "PN674 — Martin J. Gruenberg — Federal Deposit Insurance Corporation, 112th Congress (2011-2012)". United States Congress. Retrieved December 22, 2022.
  7. ^ "On the Nomination (Confirmation: Martin J. Gruenberg, of Maryland, to be a Member of the Board of Directors of the Federal Deposit Insurance Corporation)". www.senate.gov. Retrieved December 19, 2022.
  8. ^ "PN752 — Martin J. Gruenberg — Federal Deposit Insurance Corporation, 109th Congress (2005-2006)". United States Congress. Retrieved December 22, 2022.
  9. ^ "PN673 — Martin J. Gruenberg — Federal Deposit Insurance Corporation, 112th Congress (2011-2012)". United States Congress. Retrieved December 22, 2022.
  10. ^ Issa, Darrell (May 29, 2014). "The Department of Justice's 'Operation Choke Point': Illegally Choking Off Legitimate Businesses?" (PDF). Committee on Oversight and Government Reform. U.S. House of Representatives. p. 11. Archived from the original (PDF) on December 6, 2014. Retrieved November 26, 2014.
  11. ^ "ABA Daily Newsbytes". American Bankers Association. January 2, 2020.
  12. ^ "PN2693 — Martin J. Gruenberg — Federal Deposit Insurance Corporation 117th Congress (2021-2022)". United States Congress. Retrieved December 19, 2022.
  13. ^ "Martin J. Gruenberg Sworn in as 22nd FDIC Chairman Travis Hill Sworn in as Vice Chairman, Jonathan McKernan as Director". Federal Deposit Insurance Corporation. January 5, 2023. Retrieved January 5, 2023.

External links

Political offices Preceded byDonald Powell Chair of the Federal Deposit Insurance CorporationActing 2005–2006 Succeeded bySheila Bair Preceded bySheila Bair Chair of the Federal Deposit Insurance CorporationActing: 2011–2012 2011–2018 Succeeded byJelena McWilliams Preceded byJelena McWilliams Chair of the Federal Deposit Insurance CorporationActing: 2022 2022–present Incumbent
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