Obama Nominates a Republican for FDIC Board.

[rhett o rick]

I looked but counldnt find this posted.

"President Barack Obama today nominated a JPMorgan Chase & Co. (JPM) executive to the five-member board of the Federal Deposit Insurance Corp.

Jeremiah O. Norton, 34, who is an executive director in the bank’s JPMorgan Securities unit, previously served as a policy adviser in the U.S. Treasury Department during the administration of President George W. Bush. Before that, he was an aide to a Republican congressman, Edward Royce of California."

http://www.bloomberg.com/news/2012-02-06/obama-plans-to-name-jp-morgan-banker-to-fdic-board.html

Can someone explain his thinking on this?

And tell me how to use the "blockquote".

[russspeakeasy]

1. What surprises me is that I'm not surprised.

Maybe he can go on the Rush show and explain it.

[SammyWinstonJack]

2. ...

[leeroysphitz]

3. I'm glad that President Obama has finally reached out to the business community. n/t

[renie408]

4. I guess he was thinking that this guy is qualified for the job and..

that, in the long run, Republicans are going to have a hard time calling him partisan. Does anybody know anything about Jeremiah Norton other than that he is a Republican?

[woo me with science]

5. They come every day. nt

[FBaggins]

6. Did he have a choice?

The board cannot have more than three members from one party.

[bigtree]

10. right

you kinda expect folks to do some research before posting . . .

The choice fills a second spot on the board for a Republican-backed nominee, in keeping with a requirement that the FDIC’s board not be dominated by one political party.

[LiberalEsto]

7. Yet another fox

to guard the chicken coop.

[hifiguy]

8. Why the fuck does he keep DOING

shit like this?? It's like he WANTS to piss off the very people who voted for him and whom he needs to vote for him again.

[Bodhi BloodWave]

13. Because he is bloody well required to do so

The board is composed of five members, three appointed by the president of the United States with the consent of the United States Senate and two ex officio members. The three appointed members each serve six year terms. No more than three members of the board may be of the same political affiliation. The president, with the consent of the Senate, also designates one of the appointed members as chairman of the board, to serve a five-year term, and one of the appointed members as vice chairman of the board, to also serve a five-year term.

[grantcart]

9. Because its required by law

Most regulatory (if not all) agencies have to have their numbers split between parties.

http://www.fas.org/sgp/crs/misc/RL34744.pdf

Go to page 20 2 Republicans and 2 Democrats.


This issue has been discussed at DU many times in the past.


Blockquotes here

http://www.democraticunderground.com/?com=view_post&forum=1240&pid=25018#html_lookup_table

[bigtree]

11. right as usual, grantcart

Is the OP listening?

[renie408]

12. Thanks for the clarification.

[banned from Kos]

14. also, recently retired Sheila Bair is a Republican and was damned good.

Universally acknowledged as such.

[rhett o rick]

15. That's different. Never mind.

Thanks.