On January 30, Congressman Loudermilk sent the attached letter to the White House regarding upcoming nominations to the FDIC Board of Directors. Congress amended the Federal Deposit Insurance Act in 1996 to require that at least one of the three independent members of the FDIC Board have experience as a state bank regulator. However, there has not been such a person on the FDIC Board since 2012. There are currently two seats open on the FDIC Board, and according to recent news reports, Senators have recommended two potential nominees to the White House- but neither of them fulfill the state bank regulation experience requirement. The letter asks the White House to ensure that at least one of its upcoming nominees to the FDIC Board has experience as a state bank regulator as required by federal law. The letter was cosigned by 14 other bipartisan members of the Financial Services Committee: Reps. Denny Heck (D-WA), Peter King (R-NY), Jim Himes (D-CT), Frank Lucas (R-OK), Steve Stivers (R-OH), Scott Tipton (R-CO), Tom Emmer (R-MN), Lee Zeldin (R-NY), Alex Mooney (R-WV), Ted Budd (R-NC), David Kustoff (R-TN), Trey Hollingsworth (R-IN), John Rose (R-TN), and Denver Riggleman (R-VA).
EVP, Chief of Staff, Government & Regulatory Relations