Powell to Leave FDIC to Aid Katrina Rebuilding Efforts

WASHINGTON-FDIC Chairman Don Powell announced Nov. 1 that he would be leaving the agency to help coordinate the administration's efforts to rebuild the Gulf Coast area. "I am honored that the President has chosen me for this important effort to help rebuild the Gulf region," Powell commented. "This new position allows me to continue to serve my country and help the many people who have had their lives turned completely upside down." He continued, "In my role as FDIC chairman, I had the opportunity to tour the area and see firsthand what the communities in the Gulf region face. I look forward to this new challenge and appreciate the trust that the President has in me. Of course, I will always have fond memories of my time at the FDIC. I have been afforded the opportunity to work with many wonderful people inside and outside the agency, and I feel truly blessed." Powell created a stir in the credit union community when he openly called for the taxation of credit unions, which credit unions felt inappropriate for a regulator of another industry. However, among the bankers, he will be missed as a regulator. "This won't be the end of our strong working relationship with Chairman Powell," American Bankers Association chief Edward Yingling stated. "The banking industry will play an active role in the rebuilding of the Gulf Coast, and we look forward to working with Powell in that undertaking."