Martin J. Gruenberg and Thomas M. Hoenig were officially designated last week by the President as the Chairman and Vice Chairman of the FDIC, according to a press release. On November 15, 2012, the Senate confirmed both for their respective positions. President Obama recently signed the orders making the confirmations official. Both were confirmed by the Senate for six-year terms as members of the FDIC Board of Directors on March 29, 2012. Gruenberg has served on the FDIC Board of Directors since August 22, 2005, and has served as the Acting Chairman since July 8, 2011. He previously served as Acting Chairman from November 15, 2005 to June 26, 2006. Prior to serving on the FDIC Board, Hoenig was the President of the Federal Reserve Bank of Kansas City and a member of the Federal Reserve System's Federal Open Market Committee from 1991 to 2011.
