After months of waiting, President Obama confirmed the worst kept secret in D.C: he would nominate Marty Gruenberg as the chairman of the Federal Deposit Insurance Corp.

Gruenberg has been the obvious successor to outgoing FDIC Chairman Sheila Bair since she announced last year she would not seek renomination after her term expires this month. He has served as the vice chairman of the agency since August of 2005, and previously worked on key financial services issues as a senior counsel to former Sen. Paul Sarbanes, D-Maryland, on the Senate Banking Committee.

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