Jeremiah Norton, an architect of some of the Bush administration’s responses to the financial crisis, has been nominated by President Obama to the board of the FDIC.
Norton, an executive director of J.P. Morgan Securities LLC, was deputy assistant treasury secretary during the final two years of the presidency of George W. Bush. He worked on the Troubled Assets Relief Program and the government conservatorship of Fannie Mae and Freddie Mac.
Before that, he was the top aide on banking issues to Rep. Ed Royce (R-Calif.), the lead sponsor of legislation to raise the cap on member business loans.
Norton’s nomination is subject to Senate confirmation. Because he would be filling a Republican seat on the board, he was recommended to the Obama administration by Senate Republicans.
Some credit union industry sources said the Senate Banking Committee might pair Norton with Carla Decker, Obama’s choice to succeed Gigi Hyland on the NCUA Board, and hold a confirmation hearing for both at the same time.
The Senate Banking hasn’t announced a confirmation hearing for either Norton or Decker.