NEW YORK (CNNMoney) -- President Obama will nominate Martin J. Gruenberg, currently vice chairman of the Federal Deposit Insurance Corp., to succeed Sheila Bair as chairman of the banking regulator, the White House announced Friday.
Gruenberg has served as vice chairman of the FDIC since August 2005, and was acting chairman for a seven-month period in 2005 and 2006 until Bair assumed the job, the White House said. Before coming to the commission, Gruenberg was a veteran congressional aide, having served as senior counsel of the Senate Banking Committee under former Sen. Paul Sarbanes of Maryland.
Gruenberg's nomination will require Senate confirmation.
Bair's 5-year term as head of the FDIC expires July 8. She had indicated her desire to leave the commission.
The FDIC chairman was a key figure during the recent financial crisis as hundreds of banks were forced to shut down due to losses and lack of liquidity. Bair's FDIC most often found more solvent banks to assume the deposits of failing ones.
Bair, a Kansas Republican appointed chairman by President George W. Bush, also pushed for regulatory reforms, some of which were incorporated in the Dodd-Frank Wall Street reform law passed last year.
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