PD_FDIC_Chair

Position Description

chair, federal deposit insurance corporation

Overview

Senate Committee

Commerce, Science and Transportation

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 institutions.¹ _{https://www.fdic.gov/about/strategic/strategic/mission.html}

Position Overview

The chair of the Federal Deposit Insurance Corporation (FDIC) works 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. The chair serves at the pleasure of the president.

Responsibilities

Management Scope

In fiscal 2015, the FDIC approved a $2.1 billion operating budget⁴, and had 5,460 total employment.⁵ _{https://www.fdic.gov/about/strategic/report/2015annualreport/section4-01.html Partnership for Public Service agency profile}

Primary Responsibilities

® Supervises thousands of insured banks for safety, soundness and consumer protection.
® Serves as backup prudential supervisor for large, systemic financial institutions.
® Insures bank deposits, sets risk-based deposit insurance premiums and manages the deposit insurance fund.
® Is ready to respond quickly to protect insured bank deposits and ensure the orderly resolution of failed financial institutions.

Strategic Goals and Priorities

[Depends on the policy priorities of the administration]

Requirements and Competencies

Requirements

® 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

® Excellent leadership, management, and public communication skills

Past Appointees

Martin Gruenberg (2012 to present) u2013 Acting Chairman of the Federal Deposit Insurance Corporation; Vice Chairman of the Federal Deposit Insurance Corporation; Senior Staff, Senate Committee on Banking, Housing, and Urban Affairs⁶ _{https://fdic.gov/about/learn/board/gruenberg/index.html}
Sheila Bair (2006 to 2011) u2013 Dean’s Professor of Financial Regulatory Policy, University of Massachusetts-Amherst; Assistant Secretary for Financial Institutions, Department of the Treasury; Senior Vice President for Government Relations of the New York Stock Exchange⁷ _{http://www.bairblog.com/about-sheila-bair/}
Donald Powell (2001 to 2006) u2013 CEO, First National Bank of Amarillo; Chairman of the Board of Regents of the Texas A&M University System; Advisory Board Member, George Bush School of Government and Public Service; Chairman, Amarillo Chamber of Commerce⁸ _{https://www.fdic.gov/about/meet/index.html}
The Partnership’s Center for Presidential Transition helps ensure the efficient transfer of power that our country deserves. The Center’s Ready to Govern· initiative assists candidates with the transition, works with Congress to reform the transition process, develops management recommendations to address our government’s operational challenges, and trains new political appointees.