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The confirmation of Martin Gruenberg to chair the Federal Deposit Insurance Corp. is the final chapter of the political fracas surrounding former chair Jelena McWilliams' departure. But it also means he could be outvoted if a Republican takes the presidency in 2024.
Acting Federal Deposit Insurance Corp. Chairman Martin Gruenberg was described even by Republicans as well qualified and experienced, but took heat for a year-old drama that led to the departure of the agency's former chairman.
The Federal Deposit Insurance Corp.'s solution to add the ombudsman to an appeals committee as a nonvoting member wouldn't be enough to ensure the independence of the appeals process, banks said.