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On Monday, the White House announced that Martin Gruenberg, the interim director of FDIC, will be appointed as the organization's chairman for a second term.
Gruenberg - A Consistent Supporter of Financial Regulations
Gruenberg has been a consistent supporter of stricter financial regulations, even though his view on cryptocurrencies hasn't been completely developed. Gruenberg has served on the FDIC board for a record 17 years after serving for Democrats on the Senate Banking Committee. In a presentation on cryptocurrency in October, he claimed that stablecoins have a significant impact on the financial system and that American regulators must ensure their seamless integration.
White House Nominated Martin
On Monday, the White House forwarded to the Senate for confirmation of Gruenberg's nominations for both his position on the board and the five-year chairmanship. The last weeks of this Congress's current session must be finished before the new electors take office in January. Democrats will continue to have a slim majority in the Senate the next year. Gruenberg's prior role as FDIC head makes him a recognized entity to members of Biden's party, who would approve him on a simple majority vote. This is contrary to other Biden nominations to important federal financial regulatory posts who have suffered throughout the Senate confirmation procedure.