Monday, May 20, 2024, at the Federal Deposit Insurance Corporation Headquarters in Washington, DC, USA. 8, a person with direct knowledge of the matter said Wednesday.
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The White House will immediately nominate market regulator Christy Goldsmith Romero to chair the Federal Deposit Insurance Corporation, with her first hearing scheduled for July, a person with direct knowledge of the matter said on Wednesday. Held the week of March 8th.
Goldsmith Romero, a Democratic commissioner on the Commodity Futures Trading Commission, will replace Martin Gruenberg after a scathing investigation found widespread sexual harassment and other misconduct at the top banking regulator. Later resigned.
With just six months before the U.S. presidential election, the White House is rushing to fill the position so it can push forward U.S. President Joe Biden’s regulatory agenda, which includes a significant increase in bank capital.
Although administration officials have expressed a desire to move quickly, the White House and Democratic Senate Banking Committee Chairman Sherrod Brown, who is responsible for advancing the FDIC nomination, have not yet said when they expect to hold hearings.
Kristin Johnson, another Democratic member of the Commodity Futures Trading Commission who is also running for the chairmanship of the Federal Deposit Insurance Corporation (FDIC), will also be nominated to be the assistant secretary of financial institutions at the Treasury Department, the same source said. .
The White House declined to comment. Spokespeople for Brown, the Treasury Department and the FDIC did not immediately respond to requests for comment outside business hours. A CFTC spokesman declined to comment.
Sources said Johnson’s hearing will be held at the same time as Goldsmith-Romero’s. Grunberg had been in line for the Treasury secretary role before she bowed to political pressure and resigned last month.
Grunberg, also a Democrat, will remain in office until the Senate confirms a new chairman, which would allow Democrats to retain control of the agency until at least January.
However, with the election approaching, time is running out. The Senate meets in mid-July and adjourns in August until Labor Day, September 2. With the November election just two months away, senators up for re-election would rather campaign at home than hustle in Washington.
The Wall Street Journal previously reported that a formal announcement could come this week. Punchbowl News reported earlier Wednesday that the White House will announce Romero’s nomination on Thursday.
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