Federal Position Descriptions
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Board Member and Chair

Board Member/Chair, Federal Deposit Insurance Corporation
Responsibility
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 thrifts — the deposits in virtually every bank and thrift in the country. The FDIC directly examines and supervises about 4,000 banks and savings banks — more than half of the institutions in the banking system — for operational safety and soundness 5 .

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
• 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 “too big to fail”), 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

Strategic Goals and Priorities
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

Past Appointments
  • 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
  • Sheila Bair (2006 to 2011): Assistant Secretary for Financial Institutions, Department of the Treasury; Vice President, NYSE; Commissioner, CFTC10
  • 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
AGENCY

Federal Deposit Insurance Corporation

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

COMPENSATION

Level IV $155,500 (5 U.S.C. § 5315)3

REPORTS TO

The FDIC is an independent agency.

SENATE COMMITTEE

Banking, Housing and Urban Affairs

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Footnote
  1. https://www.fdic.gov/about/strategic/strategic/mission.html
  2. https://www.fdic.gov/about/strategic/strategic/mission.html
  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.
  4. https://www.fdic.gov/about/strategic/report/2015annualreport/section4-01.html
  5. https://www.fdic.gov/about/learn/symbol/index.html
  6. OPM
  7. Romney Readiness Project
  8. Romney Readiness Project
  9. https://www.fdic.gov/about/learn/board/gruenberg/index.html
  10. Romney Readiness Project
  11. http://www.bizjournals.com/washington/stories/2009/02/09/daily83.html
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