Jeremiah O. Norton Submits Resignation as Director of the Federal Deposit Insurance Corporation
May 8, 2015
Jeremiah O. Norton submitted his resignation Friday as Director of the Federal Deposit Insurance Corporation, effective June 5, 2015.
Norton, who has served as Director since April 16, 2012, submitted his letter of resignation to President Obama.
"Jeremiah has been an extraordinarily effective and influential member of the FDIC Board," Chairman Martin J. Gruenberg said. "He has made major contributions to important actions by the FDIC in the wake of the financial crisis. We are grateful for his service, we will miss his thoughtful insights, and we wish him well in his future endeavors."
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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's banks and savings associations, 6,509 as of December 31, 2014. It promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars — insured financial institutions fund its operations.
FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). PR-39-2015