President Obama intends to nominate Federal Deposit Insurance Corp. Vice Chairman Martin J. Gruenberg to succeed Sheila Bair as chairman, according to a White House statement issued Friday night.
Gruenberg has been the agency's vice chairman since 2005 and was acting chairman for six months in 2005 and 2006.
He would replace Bair, who was appointed by President George W. Bush and took office in June 2006. She led the agency through the worst wave of banking failures since the savings-and-loan crisis of the 1980s. She is scheduled to step down after her term ends in July.
Before joining the agency, Gruenberg was staff counsel to the Senate Banking subcommittee on international finance and monetary policy.
His nomination is subject to confirmation by the Senate.