Trump Nominates Former HFS Chief Counsel to Run FDIC
President Trump recently nominated James Clinger to serve on the board of the Federal Deposit Insurance Corporation (FDIC) beginning November 29th. The FDIC is an independent federal agency that insures bank deposits and supervises banking institutions. Clinger will take the place of Martin Gruenberg when Gruenberg’s term expires later this year. Most recently, Clinger served as Chief Counsel to the House Financial Services Committee. Earlier this month, the House voted to overhaul the Dodd-Frank Act, major federal legislation that regulates banking practices and consumer protection.
Clinger previously worked as senior banking counsel for another Chairman of the House Financial Services Committee, former Rep. Michael Oxley (R- OH). During his tenure with Rep. Oxley, Congress passed the Sarbanes-Oxley Act creating stringent corporate accounting requirements in the wake of scandals at Enron and WorldCom. If confirmed, Clinger will serve a term of five years.