President Joe Biden yesterday nominated Republicans to fill the two vacant seats on the five-member FDIC Board of Directors. Travis Hill was nominated as vice chair. Hill previously worked at the FDIC for four years as senior adviser to the chairman and deputy to the chairman for policy.
Jonathan McKernan—who is currently senior counsel at the Federal Housing Finance Agency—was also nominated. McKernan previously was a senior policy advisor at the U.S. Department of the Treasury and to former Sen. Bob Corker (R-Tenn.).
By law, the FDIC board cannot have more than three members from the same party, with two seats filled by the comptroller of the currency and the director of the Consumer Financial Protection Bureau. The nominations must be approved by the Senate.