WASHINGTON, D.C.—Dennis Kelleher, President and CEO of Better Markets, issued this statement in response to the confirmation by the Senate of President Joe Biden’s nominee Martin Gruenberg to serve as Chair and Member of the Board of Directors of the Federal Deposit Insurance Corporation:

“We applaud President Biden for nominating Martin Gruenberg to be Chair of the FDIC and for the Senate’s confirmation of him today.  Chair Gruenberg is a model public servant and leader who has spent his life in public service, notably serving the last 17 years on the FDIC’s board of directors, which included previous terms as Chair and Acting Chair. It is particularly noteworthy and laudable that Chair Gruenberg continued to serve on the FDIC Board as a Governor even after being replaced as Chair during the Trump administration.  His service in highlighting the many substantive deficiencies in the dangerous deregulation undertaken during that time was critically important.

“After so many years in a leadership capacity at the FDIC, there are few if any people who understand the agency’s mission, its people, and its many critical functions as well as Chair Gruenberg. Furthermore, as the country faces an array of potentially catastrophic risks to the banking and financial systems, the American public will benefit from his rich financial and banking policy experience spanning multiple business cycles and financial crises, starting with his work for the Senate Banking Committee in the 1980s. As Chair, there is no doubt that he will bring this knowledge and insight to the mission of the FDIC and to interagency efforts while he works to protect the savings of all Americans and the stability of the financial system.  The American people are very fortunate to have people of the caliber of Chair Gruenberg who are willing to serve as leaders of our financial regulatory agencies.”

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Better Markets is a non-profit, non-partisan, and independent organization founded to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies—including many in finance—to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.org