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1999 Annual Report
Donna Tanoue took office as the 17th Chairman of the Federal Deposit Insurance Corporation on May 26, 1998.
Chairman Tanoue has focused attention on emerging risks in the financial institution industry, and especially on the risks that arise from subprime lending. Further, under Chairman Tanoues direction, investigating fraud at banks is among the highest priorities for FDIC examiners because recent changes in the business of banking and innovations in computer technology create greater opportunity for financial irregularities. The FDIC has also recently refined its system of setting deposit insurance premiums to capture more accurately the risks that institutions pose to its insurance funds.
FDIC Board of Directors Donna Tanoue (seated), John D.
Hawke, Jr., Ellen Seidman, Andrew C. Hove, Jr. (standing, l-r)
|Under the leadership of
Chairman Tanoue, the FDIC took an aggressive approach tosupervising federally
insured financial institutions to ensure their readiness for the Year 2000 date
change. In 1999, the Corporation engaged in an extensive program of Y2K public education
and outreach in which FDIC officials participated in hundreds of outreach meetings and
other Y2K events throughout the country. Ms. Tanoue personally appeared on network
television news programs to describe the industrys preparedness for Year 2000,
assuring the public that there would be no significant disruptions in the banking system
because of Y2K, and in late 1999 she held press conferences in major cities throughout the
country to raise public awareness of banking readiness.
Before she became FDIC Chairman, Ms. Tanoue was a partner in the Hawaii law firm of Goodsill Anderson Quinn & Stifel, which she joined in 1987. She specialized in banking, real estate finance, and governmental affairs.
From 1983 to 1987, Ms. Tanoue was Commissioner of Financial Institutions for the State of Hawaii. In that post, she was the primary state regulator for state-chartered banks, savings and loan associations, trust companies, industrial loan companies, credit unions, and escrow depository companies. Ms. Tanoue also served as Special Deputy Attorney General to the Department of Commerce and Consumer Affairs for the State of Hawaii from 1981 to 1983. Ms. Tanoue received a J.D. from the Georgetown University Law Center in 1981 and a B.A. from the University of Hawaii in 1977.
Andrew C. Hove, Jr.
Mr. Hove was appointed to his second term as Vice Chairman of the FDIC in 1994. His first term as Vice Chairman began in 1990. Since 1991, Mr. Hove has served as Acting Chairman of the FDIC three times, most recently from June 1, 1997, when Chairman Ricki Helfer resigned, to May 26, 1998, when Donna Tanoue was sworn in as the 17th Chairman. Before joining the FDIC, Mr. Hove was Chairman and Chief Executive Officer of the Minden Exchange Bank & Trust Company, Minden, Nebraska, where he served in every department during his 30 years with the bank.
Also involved in local government, Mr. Hove was Mayor of Minden from 1974 until 1982 and was Mindens Treasurer from 1962 until 1974.
Other civic activities included serving as President of the Minden Chamber of Commerce, President of the South Platte United Chambers of Commerce and positions associated with the University of Nebraska. Mr. Hove also was active in the Nebraska Bankers Association and the American Bankers Association.
Mr. Hove earned his B.S. degree at the University of Nebraska-Lincoln. He also is a graduate of the University of Wisconsin-Madison Graduate School of Banking. After serving as a U.S. naval officer and naval aviator from 1956 to 1960, Mr. Hove was in the Nebraska National Guard until 1963.
Ms. Seidman became Director of the Office of Thrift Supervision (OTS) on October 28, 1997. As OTS Director, Ms. Seidman is also an FDIC Board member.
Ms. Seidman joined the OTS from the White House, where from 1993 to 1997 she was Special Assistant to President Clinton for economic policy at the White House National Economic Council. She chaired the interagency working group on pensions and dealt with such issues as financial institutions, natural disaster insurance, bankruptcy and home ownership.
From 1987 to 1993, Ms. Seidman served in various positions at Fannie Mae, ending her career there as Senior Vice President for Regulation, Research and Economics. Other prior positions include Special Assistant to the Treasury Undersecretary for Finance from 1986 to 1987, and Deputy Assistant General Counsel at the Department of Transportation from 1979 to 1981. Ms. Seidman also practiced law for three years beginning in 1975 with Caplin & Drysdale, a Washington, DC, law firm specializing in tax, securities and bankruptcy issues.
Ms. Seidman received an A.B. degree in government from Radcliffe College, an M.B.A. from George Washington University and a J.D. from Georgetown University Law Center.
John D. Hawke, Jr.
Mr. Hawke was sworn in as the 28th Comptroller of the Currency on December 8, 1998. After serving ten months under a recess appointment, he was sworn in for a full five-year term on October 13, 1999. As Comptroller, Mr. Hawke serves as an FDIC Board member. He also serves as a Director of the Federal Financial Institutions Examination Council, and the Neighborhood Reinvestment Corporation.
Prior to his appointment as Comptroller, Mr. Hawke served for three and a half years as Under Secretary of the Treasury for Domestic Finance. He oversaw the development of policy and legislation in the financial institutions, debt management and capital markets areas, and served as Chairman of the Advanced Counterfeit Deterrence Steering Committee and as a member of the board of the Securities Investor Protection Corporation. Before Treasury, Mr. Hawke was a senior partner at the Washington, DC, law firm of Arnold & Porter, which he first joined as an associate in 1962. While there, he headed the financial institutions practice, and from 1987 to 1995, served as the firms Chairman. In 1975, he left the firm to serve as General Counsel to the Board of Governors of the Federal Reserve System, returning in 1978.
Mr. Hawke graduated from Yale University in 1954 with a B.A. in English. From 1955 to 1957, he served on active duty with the U.S. Air Force. After graduating in 1960 from Columbia University School of Law, where he was Editor-in-Chief of the Columbia Law Review, Mr. Hawke was a law clerk for Judge E. Barrett Prettyman on the U.S. Court of Appeals for the District of Columbia Circuit. From 1961 to 1962, he served as counsel to the Select Subcommittee on Education in the House of Representatives.
From 1970 to 1987, Mr. Hawke taught courses on federal regulation of banking at Georgetown University Law Center. He has also taught courses on bank acquisitions and financial regulation, and serves as the Chairman of the Board of Advisors of the Morin Center for Banking Law Studies in Boston. Mr. Hawke has written extensively on matters relating to the regulation of financial institutions, and is the author of "Commentaries on Banking Regulation," published in 1985. He was a founding member of the Shadow Financial Regulatory Committee, and served on the committee until joining Treasury in 1995.