Martin J. Gruenberg

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Martin J. Gruenberg
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Occupation Chairman
Employer Federal Deposit Insurance Corporation
Website www.fdic.gov

Martin J. Gruenberg is chairman of the Federal Deposit Insurance Corporation (FDIC). President Barack Obama nominated Gruenberg in June of 2011.[1] He was confirmed as chairman of the FDIC by the U.S. Senate on Nov. 15, 2012.[2] He replaced Sheila C. Bair in the position, who stepped down on July 11, 2011.[3]

In his role as chairman, Gruenberg sought to make it easier to wind down large regional banks in a crisis and to press banks to prepare for financial risks associated with climate change.

On May 20, 2024, Gruenberg said in an email to staff that he would resign once a successor had been confirmed, bowing to pressure from the FDIC to resign after an external investigation found widespread sexual harassment at the agency. The announcement came hours after the Democratic chairman of the Senate Banking Committee called for new leadership at the FDIC. Lawmakers from both parties had criticized Gruenberg's leadership.[4]

Background[edit]

Gruenberg began his career as staff director of the Banking Committee's Subcommittee on International Finance and Monetary Policy from 1987 to 1992. In 1993, Gruenberg joined the staff of the Senate Committee on Banking, Housing and Urban Affairs. As Senior Counsel to Senator Paul S. Sarbanes (D-MD) on the committee, he provided guidance on domestic and international financial regulation, monetary policy and trade. Gruenberg's input affected the development of legislation such as the Financial Institution Reform, Recovery, and Enforcement Act of 1989 (FIRREA), the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA), the Gramm-Leach-Bliley Act, and the Sarbanes-Oxley Act of 2002.

Gruenberg joined the FDIC as vice chairman in 2005. He served as the acting chairman of the FDIC for a short time between 2005 and 2006 when chairman Donald Powell resigned.[5]

Education[edit]

  • A.B., Princeton University, Woodrow Wilson School of Public and International Affairs
  • J.D., Case Western Reserve Law School

References[edit]

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