Bush Plans to Nominate FDIC's Reich to OTS

WASHINGTON-President George W. Bush announced that he intends to nominate Federal Deposit Insurance Corporation Vice Chairman John M. Reich to be the next director of the Office of Thrift Supervision. Current OTS Director James Gilleran announced his resignation April 18, effective April 29. Gilleran currently serves as the chairman of the Federal Financial Institutions Examination Council, which includes NCUA, where NCUA Chairman JoAnn Johnson serves as vice chair. Johnson took a pass on serving as the FFIEC chairman because the NCUA representative typically abstains from voting on issues related directly only to banks, which covers a lot of the FFIEC’s work. Reich previously served as chief of staff to former Senator Connie Mack (R-Fla.). Prior to that, he worked in the banking industry as President and CEO of the National Bank of Sarasota, in Sarasota, Florida. The president’s pick for OTS director received a bachelor’s degree from Southern Illinois University and a master’s degree from the University of South Florida. He is also a graduate of the Louisiana State University’s School of Banking of the South.