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Washington
Inside Washington (04/12/2012)
  • WASHINGTON (4/13/12)--Thomas Hoenig and Jeremiah Norton will begin their terms on the five-member Federal Deposit Insurance Corp. (FDIC) board Monday. Hoenig, who is the former head of Federal Reserve Bank of Kansas City, and Norton, who worked within the Treasury Department and at JPMorgan Chase & Co., will be sworn in for their terms in a private ceremony (American Banker April 12). Hoenig and Norton were nominated by President Barack Obama, but were recommended by Republican lawmakers under rules limiting the number of FDIC board members from the president's party to three. The board will be at its full capacity for the first time since July 2011, but its composition is not complete. Last month, when the Senate confirmed Hoenig and Norton for their terms, it also extended the term for Martin Gruenberg as chairman. However, lawmakers delayed voting on President Obama's nominations for Gruenberg to become the permanent chairman, and for Hoenig to become vice chairman …


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