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You are here: Home / JP Morgan (JPM) Executive Nominated For FDIC Board
JP Morgan (JPM) Executive Nominated For FDIC Board
February 4, 2012
NEW YORK, February 4 (FinanceEnquiry.com) - The President of the US Barack Obama has nominated an executive of JP Morgan Chase and Co. (NYSE: JPM) Jeremiah Norton to become a member of the board of the Federal Deposit Insurance Corp. With this latest nomination, Obama has submitted his nominations of full five-member board for the FDIC. Presently, Norton serves as an executive director for JP Morgan Securities, where he is the adviser of institutions on mergers and acquisitions. Prior to this, he was serving as Deputy Assistant Secretary for Financial Institutions Policy at the U.S. Treasury Department from 2007 to 2009. Norton also served for Republican Congressman Edward Royce, where he was Royce’s advisor on banking and insurance issues.
Although, due to a political impasse over the newly-created Consumer Financial Protection Bureau, the governing body has yet to give their respective votes on the nominees. Additionally, Obama had selected the director of the CFPB Richard Cordray last month following the vote blockage of Republicans on his confirmation. Corday is also serving on the board of FDIC. Martin Gruenberg and Thomas Hoenig have also been nominated by Mr. President to be the chairman and vice chairman of the FDIC, respectively. Also, the respective leaders of both the OCC and the CFPB each obtain an automatic position on the FDIC board.
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