FDIC Chairman Resigns

Federal Deposit Insurance Corp. Chairman Don Powell announced Nov. 1 that he will resign from the agency to oversee the Bush administration's cleanup of the hurricane-ravaged Gulf Coast region.Mr. Powell did not specify a departure date, however, and an FDIC spokesman said "no timetable" has been given. When Mr. Powell leaves, agency Vice Chairman Martin Gruenberg will be named interim chairman. The FDIC oversees 8,868 federally insured depositories. The nation's largest banks, including Citibank, Chase, and Wells Fargo, have significant market shares in the mortgage banking industry. Mr. Powell joined the agency in August 2001, and has gained a reputation for being a cost cutter.