Longtime government staffer James Clinger has been nominated to chair the Federal Deposit Insurance Corporation, the White House announced Friday.
Clinger has served as the chief counsel for the House Committee on Financial Services since 2007, and before that he spent two years as the deputy assistant attorney general during former President George W. Bush's administration.
Clinger previously worked for the House Committee on Financial Services from 1995-2005.
Clinger's nomination stipulates that he serve six years on the FDIC beginning Nov. 29 — including five as chairman — and requires Senate confirmation.
The FDIC regulates the banking industry and provides insurance for deposits to banks. It also helps limit the effect on the economy when a bank or thrift institution fails.
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