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Friday, January 27, 2023

The President of the United States of America, Joe Biden, announced his election as the chairman of the Federal Deposit Insurance Corporation

US President Joe Biden announced that he will appoint Martin Gruenberg as acting Federal Deposit Insurance Corporation (FDIC) chairman for a five-year term.

In an announcement made on November 14, President Biden said that He intends to nominate Gruenberg, who served as FDIC chairman from 2005 to 2006, from 2011 to 2012 and from February 2022 to the present. Gruenberg took over the temporary position following the resignation of the previous chair, Jelena McWilliams.

Under FDIC regulations, a chairperson of the FDIC Board of Directors may serve for a term of five years after being appointed by the President of the United States and confirmed by the Senate. How the Democratic Party Will Maintain Majority Control of the Senate after the midterm elections President Biden could see his election approved without any bias.

Shortly after taking office in February, Gruenberg said that one of his priorities for the FDIC in 2022 would be to assess the risks of cryptocurrencies:

“To the extent that such activities can be carried out in a secure and robust manner, the agencies will be required to provide stronger guidance to the banking industry on managing the prudential and consumer protection risks posed by crypto-asset activities.”

As Acting President, Gruenberg has presided since the FDIC issued cease and desist letters to the companies in August for allegedly making false representations about deposit insurance related to cryptocurrencies. In October, the acting chief suggested that stablecoins used for payments deserve further consideration by the FDIC.

Gruenberg will testify before the Senate Banking Committee on November 15 and before the House Financial Services Committee on November 16 about oversight of financial regulators in the United States.

the explanation: The information and/or opinions expressed in this article do not necessarily represent the views or editorial line of Cointelegraph. The information contained herein should not be construed as financial advice or investment recommendation. All investments and commercial dealings involve risk and it is the responsibility of each individual to conduct appropriate research before making any investment decision.

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Investing in crypto assets is not regulated. They may not be suitable for retail investors and the entire amount invested may be lost. The services or products offered are not targeted at or accessible to investors in Spain.

World Nation News Desk
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