The Obama administration is considering nominating Jeremiah Norton, an executive director for JPMorgan Chase & Co.'s investment bank, to sit on the Federal Deposit Insurance Corp.'s board of directors.
Norton, a former Treasury official in the Bush administration, has been recommended for the spot by Sen. Mitch McConnell, the Senate minority leader, according to sources. The White House is currently vetting him and, unless issues arise in that process, he is likely to be chosen for the independent board seat.
Under rules for FDIC picks, the position is one of two for which the GOP sends names to the White House, in exchange for the Republicans' backing the administration's choices for the other three posts.
In the case of Norton, however, that process is murkier than ever, as Republicans are already holding up a package of three FDIC nominees — one of whom is a GOP pick — due to concerns that President Obama might seek to make a recess appointment to the Consumer Financial Protection Bureau and other agencies.
It is unclear when the White House will complete its vetting process for Norton, or how fast Senate Democrats would seek to move the nomination if it is made.
Norton, a former deputy assistant Treasury secretary for financial institutions policy, would fill the position now occupied at the FDIC by Thomas Curry, who himself is awaiting Senate confirmation to become comptroller of the currency.
