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Office of the Press Secretary

For Immediate Release November 7, 1997
                     AS CHAIR AND MEMBER OF THE FEDERAL 

President Clinton today announced his intent to nominate Donna A. Tanoue as Chair and Member of the Federal Deposit Insurance Corporation.

Ms. Tanoue, of Honolulu, Hawaii, is currently a partner with the law firm of Goodsill, Anderson, Quinn & Stifel. Over the last decade, Ms. Tanoue has concentrated her law practice primarily in the area of banking and real estate finance, with an emphasis on bank regulatory matters. Prior to joining Goodsill, Anderson, Quinn & Stifel, Ms. Tanoue served as Commissioner of Financial Institutions for the State of Hawaii. In that capacity, Ms. Tanoue was the chief regulator of State-chartered financial institutions and served during one of the most difficult periods in the history of the state financial services industry. Upon her departure as Commissioner of Financial Institutions, industry leaders credited her with helping to restore financial stability to the State's then-troubled thrift and industrial loan company industry and ushering in an era of tougher, more thorough regulations of financial institutions. Ms. Tanoue received her B.A. from the University of Hawaii, and her J.D. from Georgetown University Law Center.

The Federal Deposit Insurance Corporation (FDIC) is an independent agency which insures deposits in federally insured banks and Thrifts and resolves and liquidates failed institutions. The FDIC has regulatory functions, such as examining state chartered banks periodically. It is also responsible for disposition of assets of any new failed Thrift. The FDIC is financially self-sustaining, deriving its revenue from assessments or premiums paid by banks and Thrifts. The FDIC is one of four Federal bank thrift regulatory bodies, along with the Comptroller of the Currency (OCC), the Federal Reserve, and the Office of Thrift Supervision.