Bloomberg News

Obama Plans to Name JP Morgan Banker to FDIC Board

February 09, 2012

Feb. 6 (Bloomberg) -- President Barack Obama said he would name a JP Morgan Chase & Co. executive to the five-member board of the Federal Deposit Insurance Corp.

Jeremiah O. Norton, 34, who is an executive director in the bank’s JPMorgan Securities unit, previously served as a policy adviser in the U.S. Treasury Department during the administration of President George W. Bush. Before that, he was an aide to a Republican congressman, Edward Royce of California.

Norton joins two Democrats and a fellow Republican whose confirmations to FDIC leadership posts have been delayed by Senate Republicans who have complained that Obama used a recess appointment to install Richard Cordray, a former Ohio attorney general, as director of the Consumer Financial Protection Bureau without formal Senate approval. Cordray, in his role as consumer bureau director, also has a seat on the five-member FDIC board.

Martin J. Gruenberg, the White House pick to serve as head of the FDIC, is working in an acting capacity. Thomas Hoenig, the FDIC’s nominee for vice chairman, is waiting for confirmation. Thomas J. Curry, Obama’s nominee to lead the Office of the Comptroller of the Currency, is serving as a director of the FDIC while he awaits confirmation to the new post.

All three were approved by the Senate Banking Committee with bipartisan support and have been awaiting final confirmation by the full chamber.

--Editors: Anthony Gnoffo, Gregory Mott

To contact the reporter on this story: Clea Benson in Washington at Cbenson20@bloomberg.net.

To contact the editor responsible for this story: Maura Reynolds at Mreynolds34@bloomberg.net


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