FDIC Names New Economist, Accountant

WASHINGTON-The Federal Deposit Insurance Corporation recently announced two top job changes within the agency. Richard A. Brown of the Division of Insurance and Research and Robert F. Storch of the Division of Supervision and Consumer Protection have been named to the chief economist and chief accountant spots, respectively. In his new post, Brown will develop and communicate the FDIC’s view on many economic and risk management issues. He has been one of the principal architects of the FDIC’s analysis of the economy since 1996. Brown also serves as associate editor of the FDIC Regional Outlook and has authored numerous articles in FDIC publications and other journals. In addition to chief economist, he remains the division’s associate director for risk analysis, where he leads a 21-person branch responsible for identifying and analyzing emerging risks to the fund. Chief Accountant Storch will continue to lead FDIC accounting policy development, establish financial reporting requirements, and review depository institutions’ accounting. He has chaired the Reports Task Force of the Federal Financial Institutions Examination Council since 1986, represents the FDIC on the Basel Committee’s Banking Supervision Task Force on Accounting Issues, and serves as one of the Basel Committee’s two observers on the International Accounting Standards Board’s Financial Activities Advisory Committee. Storch’s other duties include participating in the development of the FDIC’s regulations and supervisory policies on capital adequacy and auditing programs and overseeing the securities registration and disclosure function.