PD_FDIC_Board-Member-and-Chair

Position Description

BOARD MEMBER/CHAIR, FEDERAL DEPOSIT INSURANCE CORPORATION

Overview

Senate Committee

Banking, Housing and Urban Affairs

Agency Mission

To maintain stability and public confidence in the nation’s financial system by insuring deposits; examining and supervising
financial institutions for safety, soundness and consumer protection; and managing and resolving failed financial institutions¹ _{https://www.fdic.gov/about/strategic/strategic/mission.html}

Position Overview

Members of the Federal Deposit Insurance Corporation (FDIC) work to maintain stability and public confidence in the nation’s financial system by protecting insured bank accounts; supervising financial institutions for safety, soundness and consumer protection; and managing the orderly resolution of failed financial institutions.² _{https://www.fdic.gov/about/strategic/strategic/mission.html}

Compensation

Level IV $155,500 (5 U.S.C. § 5315)³ _{The Consolidated Appropriations Act, 2017 (Public Law 115-31, May 5, 2017), contains a provision that continues the freeze on the payable pay rates for certain senior political officials at 2013 levels during calendar year 2017.}

Position Reports to

The FDIC is an independent agency.

Responsibilities

Management Scope

In fiscal 2015, the FDIC had a $2.1 billion operating budget (the FDIC receives no federal tax dollars; insured financial institutions fund its operations).⁴ The FDIC employs more than 7,000 people. It insures trillions of dollars of deposits in U.S. banks and thriftsu2014the deposits in virtually every bank and thrift in the country. The FDIC directly examines and supervises about 4,000 banks and savings banksu2014more than half of the institutions in the banking systemu2014for operational safety and soundness ⁵ . _{https://www.fdic.gov/about/strategic/report/2015annualreport/section4-01.html https://www.fdic.gov/about/learn/symbol/index.html}

Primary Responsibilities

® Insures deposits at the nation’s banks and savings associations
® Promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks they are exposed to⁶ _OPM
® Manages receiverships (failed bank resolutions), which are akin to liquidations and resolutions of Co-operative Financial Institutions and Systematically Important Financial Institutions (those that are u201ctoo big to failu201d), whereby the bank is kept open and run by an FDIC-appointed team
® Coordinates on regulation with the Securities and Exchange Commission and the Office of the Comptroller of the Currency⁷ _{Romney Readiness Project position description}

Requirements and Competencies

Requirements

® The board is composed of five members, three appointed by the president with the consent of the Senate and two ex officio members
® No more than three members of the board may be of the same political affiliation
® The three appointed members each serve six-year terms and must have state bank supervisory experience
® The president with the consent of the Senate also designates one of the appointed members as chairman of the board for a five-year term and one as vice chairman (12 U.S.C. § 1812)
® Strong working knowledge of finance, accounting and the American banking system
® Understanding of the structure and functioning of financial institutions and government financial regulation
® Background in professional financial institution regulation (a plus)

Competencies

® Chairman: Gravitas and ability to communicate to the public and the markets⁸ _{Romney Readiness Project position description}

Past Appointees

Martin J. Gruenberg (2011 to 2017): Vice Chairman, FDIC Board; Senior Counsel to Senator Sarbanes; Staff Director, Subcommittee on International Finance and Monetary Policy, Banking Committee⁹ _{https://www.fdic.gov/about/learn/board/gruenberg/index.html}
Sheila Bair (2006 to 2011): Assistant Secretary for Financial Institutions, Department of the Treasury; Vice President, NYSE; Commissioner, CFTC¹⁰ _{Romney Readiness Project position description}
John M. Reich (2000 to 2006): Vice Chairman, Board of the FDIC; Deputy Chairman, Audit Committee, FDIC; Chief of Staff to Senator Connie Mack (R-FL); President and CEO, National Bank of Sarasota¹¹ _{http://www.bizjournals.com/washington/stories/2009/02/09/daily83.html}
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