PRESS RELEASE
Federal Deposit Insurance Corporation Each Depositor insured to at least $250,000
November 30, 2012
Media Contact:
Andrew Gray:(202) 898-7192
E-mail: angray@fdic.gov
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's
banking system. It promotes the safety and soundness of these institutions by identifying, monitoring and addressing
risks to which they are exposed. The FDIC receives no federal tax dollars — insured financial institutions fund its
operations.
FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically
(go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information
Center (877-275-3342 or 703-562-2200). PR-138-2012
Martin J. Gruenberg Designated as Chairman and
Thomas M. Hoenig as Vice Chairman of FDIC
Martin J. Gruenberg and Thomas M. Hoenig were officially designated this week by the
President as the Chairman and Vice Chairman of the FDIC. On November 15, 2012, the
Senate confirmed both for their respective positions. President Obama recently signed
the orders making the confirmations official. Both were confirmed by the Senate for six-
year terms as Members of the FDIC Board of Directors on March 29, 2012.
Chairman Gruenberg said, "I am deeply appreciative of the President's action to
designate Tom Hoenig as Vice Chairman and me as Chairman of the FDIC. The FDIC's
mission of maintaining public confidence in the financial system has never been more
important. It is a privilege to have the opportunity to lead this great public institution."
Vice Chairman Hoenig said, "I am honored to serve as the Vice Chairman of the FDIC
at such a pivotal time for our country's banking system and look forward to working with
my colleagues at the FDIC and other banking agencies."
Mr. Gruenberg has served on the FDIC Board of Directors since August 22, 2005, and
has served as the Acting Chairman since July 8, 2011. He previously served as Acting
Chairman from November 15, 2005 to June 26, 2006. Prior to joining the FDIC Board,
Mr. 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 from 1993 to
2005. Mr. Gruenberg advised the Senator on issues of domestic and international
financial regulation, monetary policy, and trade. He also served as Staff Director of the
Banking Committee's Subcommittee on International Finance and Monetary Policy from
1987 to 1992.
Mr. Gruenberg holds a J.D. from Case Western Reserve Law School and an A.B. from
Princeton University, Woodrow Wilson School of Public and International Affairs.
Federal Deposit Insurance Corporation Each Depositor insured to at least $250,000
November 30, 2012
Media Contact:
Andrew Gray:(202) 898-7192
E-mail: angray@fdic.gov
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's
banking system. It promotes the safety and soundness of these institutions by identifying, monitoring and addressing
risks to which they are exposed. The FDIC receives no federal tax dollars — insured financial institutions fund its
operations.
FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically
(go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information
Center (877-275-3342 or 703-562-2200). PR-138-2012
Martin J. Gruenberg Designated as Chairman and
Thomas M. Hoenig as Vice Chairman of FDIC
Martin J. Gruenberg and Thomas M. Hoenig were officially designated this week by the
President as the Chairman and Vice Chairman of the FDIC. On November 15, 2012, the
Senate confirmed both for their respective positions. President Obama recently signed
the orders making the confirmations official. Both were confirmed by the Senate for six-
year terms as Members of the FDIC Board of Directors on March 29, 2012.
Chairman Gruenberg said, "I am deeply appreciative of the President's action to
designate Tom Hoenig as Vice Chairman and me as Chairman of the FDIC. The FDIC's
mission of maintaining public confidence in the financial system has never been more
important. It is a privilege to have the opportunity to lead this great public institution."
Vice Chairman Hoenig said, "I am honored to serve as the Vice Chairman of the FDIC
at such a pivotal time for our country's banking system and look forward to working with
my colleagues at the FDIC and other banking agencies."
Mr. Gruenberg has served on the FDIC Board of Directors since August 22, 2005, and
has served as the Acting Chairman since July 8, 2011. He previously served as Acting
Chairman from November 15, 2005 to June 26, 2006. Prior to joining the FDIC Board,
Mr. 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 from 1993 to
2005. Mr. Gruenberg advised the Senator on issues of domestic and international
financial regulation, monetary policy, and trade. He also served as Staff Director of the
Banking Committee's Subcommittee on International Finance and Monetary Policy from
1987 to 1992.
Mr. Gruenberg holds a J.D. from Case Western Reserve Law School and an A.B. from
Princeton University, Woodrow Wilson School of Public and International Affairs.
Prior to serving on the FDIC Board, Mr. Hoenig was the President of the Federal
Reserve Bank of Kansas City and a member of the Federal Reserve System's Federal
Open Market Committee from 1991 to 2011.
Mr. Hoenig was with the Federal Reserve for 38 years, beginning as an economist and
then as a senior officer in banking supervision during the U.S. banking crisis of the
1980s. In 1986, he led the Kansas City Federal Reserve Bank's Division of Bank
Supervision and Structure, directing the oversight of more than 1,000 banks and bank
holding companies with assets ranging from less than $100 million to $20 billion. He
became President of the Kansas City Federal Reserve Bank on October 1, 1991.
Mr. Hoenig joined the Federal Reserve Bank in 1973. A native of Fort Madison, Iowa,
Mr. Hoenig received a doctorate in economics from Iowa State University.
Reserve Bank of Kansas City and a member of the Federal Reserve System's Federal
Open Market Committee from 1991 to 2011.
Mr. Hoenig was with the Federal Reserve for 38 years, beginning as an economist and
then as a senior officer in banking supervision during the U.S. banking crisis of the
1980s. In 1986, he led the Kansas City Federal Reserve Bank's Division of Bank
Supervision and Structure, directing the oversight of more than 1,000 banks and bank
holding companies with assets ranging from less than $100 million to $20 billion. He
became President of the Kansas City Federal Reserve Bank on October 1, 1991.
Mr. Hoenig joined the Federal Reserve Bank in 1973. A native of Fort Madison, Iowa,
Mr. Hoenig received a doctorate in economics from Iowa State University.