The headquarters of the Federal Deposit Insurance Corp. in Washington, DC, US, on Monday, May 20, 2024. The White House will appoint market regulators Christy Goldsmith Romero as chair of the Federal Deposit Insurance Corporation who will soon target the week of July 8 for her first hearing, a person with direct knowledge of the matter said Wednesday.
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The White House will nominate markets regulator Christy Goldsmith Romero to chair the Federal Deposit Insurance Corporation soon to target the week of July 8 for her first hearing, a person with direct knowledge of the matter said Wednesday.
Goldsmith Romero, a Democratic commissioner on the Commodity Futures Trading Commission, will replace Martin Gruenberg who stepped down after a damning investigation found widespread sexual harassment and other misconduct at the top banking regulator.
The White House is rushing to fill the role so it can advance US President Joe Biden’s regulatory agenda, including major bank capital increases, just six months before the US presidential election.
While administration officials have said they want to move quickly, White House and Democratic Senate Banking Committee chairman Sherrod Brown, who is responsible for promoting FDIC nominees, did not say when they expected to hold the hearings. hearing.
Kristin Johnson, the CFTC’s other Democratic commissioner who is also running for the FDIC chair role, will be nominated for Assistant Secretary for Financial Institutions at the Treasury Department at the same time, the same source said.
The White House declined comment. Spokesmen for Brown, the Treasury and the FDIC did not immediately respond to a request for comment outside of business hours. A spokesman for the CFTC declined to comment.
The hearing for Johnson will take place alongside Goldsmith Romero, the source said. He was lined up for the Treasury role before Gruenberg succumbed last month to political pressure to resign.
Also a Democrat, Gruenberg is staying on until the Senate confirms the new seat, which would allow Democrats to retain control of the agency until January of next year.
However, with the upcoming elections, time is tight. The Senate is only in session for half of July and through August until Labor Day on Sept. 2. That leaves two months before the November general election when Senators up for re-election prefer to campaign at home rather than bound for Washington.
The Wall Street Journal previously reported that a formal announcement could come this week. Punchbowl News reported Wednesday that the White House will announce Romero’s nomination on Thursday.
