FDIC vice chairman Hoenig announces retirement

FDIC vice chairman Hoenig announces retirement
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Thomas Hoeing, the vice chairman of the Federal Deposit Insurance Corporation (FDIC), announced Friday that he will step down from the board of the bank watchdog effective Monday.

Hoeing, the former president of the Kansas City Federal Reserve, will retire after completing a six-year term on the FDIC board. He joined the FDIC in April 2012 after 20 years leading the Fed’s Kansas City reserve bank, where he started as an economist in 1973.

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Hoenig said "it has been an honor and a privilege to serve the public and be a part of the FDIC and its mission during these past six years.”

FDIC Chairman Martin Gruenberg thanked Hoenig for his “extraordinary career of public service at both the FDIC and the Federal Reserve Bank of Kansas City.”

“Tom has been a forceful advocate for strong, independent financial regulation and has contributed enormously to the mission of the FDIC during his time as Vice Chairman. The FDIC was fortunate to benefit from his service,” Gruenberg said.

Hoenig’s departure will leave just three members on the FDIC board: Gruenberg, Comptroller of the Currency Joseph Otting and acting Consumer Financial Protection Bureau Director Mick MulvaneyJohn (Mick) Michael MulvaneyProtect the Military Lending Act On The Money: Midterms to shake up House finance panel | Chamber chief says US not in trade war | Mulvaney moving CFPB unit out of DC | Conservatives frustrated over big spending bills Warren suggests Mulvaney broke law by speaking to GOP donors MORE.

The FDIC supervises, imposes regulations and insures deposits at U.S banks. Its leadership will play a critical role in federal efforts to loosen Dodd-Frank Act rules meant to ensure the safety and soundness of banks.

President TrumpDonald John TrumpGrassley: Dems 'withheld information' on new Kavanaugh allegation Health advocates decry funding transfer over migrant children Groups plan mass walkout in support of Kavanaugh accuser MORE has nominated Jelena McWilliams, executive vice president and chief legal officer of Fifth Third Bank, to replace Gruenberg, whose term expired in November. Gruenberg has stayed on as the Senate struggles to confirm a slate of Trump’s financial regulatory nominees.

McWilliams’s nomination was cleared by the Senate Banking Committee in February and is pending Senate confirmation. Trump has not nominated a replacement for Hoenig or for the vacant FDIC director position. The comptroller of the currency and CFPB director are FDIC board members by law.