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Monday, June 19, 2017

Trump Names Banking Lawyer to Lead FDIC

President Trump said he would nominate James Clinger to serve as FDIC chairman. According to the White House, Clinger will be nominated first to fill the long-vacant director position on the FDIC board and then nominated to serve a five-year term as chairman after Martin Gruenberg's term ends in November.

Clinger has been chief counsel to the House Financial Services Committee for a decade. During the George W. Bush administration, he served as a deputy assistant attorney general, prior to which he was a staffer on the Financial Services Committee for another decade. He began his legal career in private practice.

The announcement comes as Trump continues to fill out his financial regulatory team. The president recently announced that he would name Joseph Otting as comptroller of the currency. There are several vacancies on the Federal Reserve Board of Governors, and nominees are expected to be named soon for at least one of those posts. 

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