Federal Deposit Insurance Corporation
“The Federal Deposit Insurance Corporation (FDIC) is an independent agency created by the Congress to maintain stability and public confidence in the nation’s financial system by:
* insuring deposits,
* examining and supervising financial institutions for safety and soundness and consumer protection, and
* managing receiverships, etc.”
“The FDIC was created in 1933 in response to the thousands of bank failures that occurred in the 1920s and early 1930s, etc.”
Transcript of Speech by President Franklin D. Roosevelt regarding the banking crisis – March 12, 1933:
Board of Directors (w/ partial, pseudo-biogs)
Sheila C. Bair - Chairman
Sheila C. Bair was sworn in as the 19th Chairman of the Federal Deposit Insurance Corporation (FDIC) on June 26, 2006. She was appointed Chairman for a five-year term, and as a member of the FDIC Board of Directors through July 2013.
Chairman Bair has an extensive background in banking and finance in a career that has taken her from Capitol Hill, to academia, to the highest levels of government. Before joining the FDIC in 2006, she was the Dean’s Professor of Financial Regulatory Policy for the Isenberg School of Management at the University of Massachusetts-Amherst since 2002. While there, she also served on the FDIC’s Advisory Committee on Banking Policy.
Other career experience includes serving as Assistant Secretary for Financial Institutions at the U.S. Department of the Treasury (2001 to 2002), Senior Vice President for Government Relations of the New York Stock Exchange (1995 to 2000), a Commissioner and Acting Chairman of the Commodity Futures Trading Commission (1991 to 1995), and Research Director, Deputy Counsel and Counsel to Senate Majority Leader Robert Dole (1981 to 1988).
As FDIC Chairman, Ms. Bair has presided over a tumultuous period in the nation’s financial sector. Her innovations have transformed the agency with programs that provide temporary liquidity guarantees, increases in deposit insurance limits, and systematic loan modifications to troubled borrowers. Ms. Bair’s work at the FDIC has also focused on consumer protection and economic inclusion. She has championed the creation of an Advisory Committee on Economic Inclusion, seminal research on small-dollar loan programs, and the formation of broad-based alliances in nine regional markets to bring underserved populations into the financial mainstream.
Since becoming FDIC Chairman, Ms. Bair has received a number of prestigious honors. Among them, in 2009 she was named one of Time Magazine’s “Time 100” most influential people; awarded the John F. Kennedy Profile in Courage Award; and received the Hubert H. Humphrey Civil Rights Award. In 2008, Chairman Bair topped The Wall Street Journal’s annual 50 “Women to Watch List.” That same year, Forbes Magazine named Ms. Bair as the second most powerful woman in the world after Germany’s Chancellor Angela Merkel.
Chairman Bair has also received several honors for her published work on financial issues, including her educational writings on money and finance for children, and for professional achievement. Among the honors she has received are: Distinguished Achievement Award, Association of Education Publishers (2005); Personal Service Feature of the Year, and Author of the Month Awards, Highlights Magazine for Children (2002, 2003 and 2004); and The Treasury Medal (2002). Her first children’s book – Rock, Brock and the Savings Shock, was published in 2006 and her second, Isabel’s Car Wash, in 2008.
Chairman Bair received a bachelor’s degree from the University of Kansas and a J.D. from the University of Kansas School of Law. She is married to Scott P. Cooper and has two children.
Martin J. Gruenberg - Vice Chairman
Martin J. Gruenberg was sworn in as Vice Chairman of the FDIC Board of Directors on August 22, 2005. Upon the resignation of Chairman Donald Powell, he served as Acting Chairman from November 15, 2005 to June 26, 2006. On November 2, 2007, Mr. Gruenberg was named Chairman of the Executive Council and President of the International Association of Deposit Insurers (IADI).
Mr. Gruenberg joined the FDIC Board after broad congressional experience in the financial services and regulatory areas. He served as Senior Counsel to Senator Paul S. Sarbanes (D-MD) on the staff of the Senate Committee on Banking, Housing, and Urban Affairs from 1993 to 2005. Mr. Gruenberg advised the Senator on issues of domestic and international financial regulation, monetary policy and trade. He also served as Staff Director of the Banking Committee’s Subcommittee on International Finance and Monetary Policy from 1987 to 1992. Major legislation in which Mr. Gruenberg played an active role during his service on the Committee includes the Financial Institution Reform, Recovery, and Enforcement Act of 1989 (FIRREA), the Federal Deposit Insurance Corporation Improvement Act of 1991 (FDICIA), the Gramm-Leach-Bliley Act, and the Sarbanes-Oxley Act of 2002.
Mr. Gruenberg holds a J.D. from Case Western Reserve Law School and an A.B. from Princeton University, Woodrow Wilson School of Public and International Affairs.
“Center for American Progress Action Fund”
Thomas J. Curry - Director
Thomas J. Curry took office on January 12, 2004, as a member of the Board of Directors of the Federal Deposit Insurance Corporation for a six-year term. Mr. Curry serves as Chairman of the FDIC’s Assessment Appeals Committee and Case Review Committee.
Mr. Curry also serves as the Chairman of the NeighborWorks® America Board of Directors. NeighborWorks® America is a national non-profit organization chartered by Congress to provide financial support, technical assistance, and training for community-based neighborhood revitalization efforts.
Prior to joining the FDIC’s Board of Directors, Mr. Curry served five Massachusetts Governors as the Commonwealth’s Commissioner of Banks from 1990 to 1991 and from 1995 to 2003. He served as Acting Commissioner from February 1994 to June 1995. He previously served as First Deputy Commissioner and Assistant General Counsel within the Massachusetts Division of Banks. He entered state government in 1982 as an attorney with the Massachusetts’ Secretary of State’s Office.
Director Curry served as the Chairman of the Conference of State Bank Supervisors from 2000 to 2001. He served two terms on the State Liaison Committee of the Federal Financial Institutions Examination Council, including a term as Committee chairman.
He is a graduate of Manhattan College (summa cum laude), where he was elected to Phi Beta Kappa. He received his law degree from the New England School of Law.
John C. Dugan - Comptroller of the Currency
John C. Dugan was sworn in as the 29th Comptroller of the Currency on August 4, 2005.
Prior to his appointment as Comptroller, Mr. Dugan was a partner at the law firm of Covington & Burling, where he chaired the firm’s Financial Institutions Group. He specialized in banking and financial institution regulation. He also served as outside counsel to the ABA Securities Association.
He served at the Department of Treasury from 1989 to 1993 and was appointed assistant secretary for domestic finance in 1992. While at Treasury, Mr. Dugan had extensive responsibility for policy initiatives involving banks and financial institutions, including the savings and loan cleanup, Glass-Steagall and banking reform, and regulation of government-sponsored enterprises. In 1991, he oversaw a comprehensive study of the banking industry that formed the basis for the financial modernization legislation proposed by the administration of the first President Bush.
From 1985 to 1989, Mr. Dugan was minority counsel and minority general counsel for the U.S. Senate Committee on Banking, Housing, and Urban Affairs. There he advised the committee as it debated the Competitive Equality Banking Act of 1987, the Proxmire Financial Modernization Act of 1988, and the Financial Institutions Reform, Recovery, and Enforcement Act of 1989.
Among his professional and volunteer activities before becoming Comptroller, he served as a director of Minbanc, a charitable organization whose mission is to enhance professional and educational opportunities for minorities in the banking industry. He was also a member of the American Bar Association’s committee on banking law, the Federal Bar Association’s section of financial institutions and the economy, and the District of Columbia Bar Association’s section of corporations, finance, and securities laws.
A graduate of the University of Michigan in 1977 with an A.B. in English literature, Mr. Dugan also earned his J.D. from Harvard Law School in 1981. Born in Washington, DC in 1955, Mr. Dugan lives in Chevy Chase, MD, with his wife, Beth, and his two children, Claire and Jack.
John E. Bowman - Director of the Office of Thrift Supervision (Acting)
John E. Bowman became Acting Director of the OTS in March 2009. Bowman joined the OTS in June of 1999 as Deputy Chief Counsel for Business Transactions. On May 30, 2004, he was appointed Chief Counsel. Before joining the OTS, he was a partner with the law firm of Brown & Wood LLP in its Washington, D.C., office, where he specialized in government and corporate finance, securities and financial services regulation.
Before entering private practice, Bowman served for many years as Assistant General Counsel for Banking and Finance at the U.S. Department of the Treasury. While at Treasury, he provided counsel to the Treasury Under Secretary for Domestic Finance, the Assistant Secretaries for Financial Institutions Policy, Financial Markets and Economic Policy, and the Fiscal Assistant Secretary on a broad range of issues from financial services legislation to the financing of the federal debt.
During his government career, Bowman has been the recipient of numerous awards and honors, including the Presidential Rank Award and the Secretary of the Treasury’s Distinguished Service Award.
Bowman received his J.D. degree from Pepperdine University School of Law and his B.A. from the University of California.
Steven O. App – Deputy to the Chairman and Chief Financial Officer
Craig Jarvill – Senior Advisor to CFO
James D. Collins – Special Advisor to CFO
Jason C. Cave – Deputy to the Chairman
Michael H. Krimminger – Deputy to the Chairman for Policy
Paul M. Nash – Deputy to the Chairman for External Affairs
Jesse O. Villarreal, Jr. – Chief of Staff
Michael Bradfield – General Counsel
Russell G. Pittman – Chief Information Officer and Director, Chief Privacy Officer and Director, Division of Information Technology
Sandra L. Thompson – Director, Division of Supervision and Consumer Protection
Arthur J. Murton – Director, Division of Insurance and Research
Mitchell Glassman – Director, Division of Resolutions & Receiverships
Arleas Upton Kea – Director, Division of Administration
Bret D. Edwards – Director, Division of Finance
Fred S. Carns – Director, International Affairs
D. Michael Collins – Director, Office of Diversity & Economic Opportunity
Paul M. Nash – Director, Office of Legislative Affairs (Acting)
Andrew S. Gray – Director, Office of Public Affairs
James H. Angel, Jr. – Director, Office of Enterprise Risk Management
Thom H. Terwilliger – Chief Learning Officer
Cottrell L. Webster – Ombudsman
Joseph A. Jiampietro – Special Advisor to the Chairman for Markets
Barbara A. Ryan – Deputy to the Vice Chairman
Lisa Roy – Deputy to Director Curry
William A. Rowe, III – Deputy to the Director (Comptroller of the Currency)
Sharon L. Stark – Deputy to the Director (Office of Thrift Supervision)
Jon T. Rymer – Inspector General