Senate Banking Committee ranking member Richard Shelby (R-AL) told Thomson Reuters Tuesday that he would vote to confirm Federal Deposit Insurance Corporation vice chairman Martin Gruenberg to succeed Sheila Bair as chairman.
Bair's term ends on July 8, and she has announced that she will not seek reappointment.
Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, the FDIC will play key roles in limiting so-called "too big to fail" financial institutions, and in resolving them outside of bankruptcy if they nevertheless do fail.
Bair has voiced expansionist views on the need for these authorities and for the FDIC to act swiftly and surely.
Fellow committee Republican Bob Corker of Tennessee said he has not given thought to Gruenberg's nomination for the chairmanship by President Barack Obama.
Committee Chairman Tim Johnson (D-SD) said he has not decided when to hold hearings on Gruenberg's appointment.
This article is only available in full to Compliance Complete
North America Subscribers who are logged in.
Please log in to see if you can view this content.