THE WHITE HOUSE
Office of the Press Secretary
PRESIDENT CLINTON NAMES TWO MEMBERS OF THE FEDERAL DEPOSIT INSURANCE
The President today announced the nomination of Richard C. Houseworth and Donna A. Tanoue as members of the Federal Deposit Insurance Corporation.
Ms. Donna A. Tanoue, of Honolulu, Hawaii, has been the Chair and a member of the Federal Deposit Insurance Corporation since May 26, 1998. Previously, she was a partner with the Hawaii law firm of Goodsill Anderson Quinn & Stifel, which she joined in 1997. Prior to joining Goodsill Anderson Quinn & Stifel, she served as Commissioner of Financial Institutions for the State of Hawaii from 1983 to 1987. 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 regulation of financial institutions. Ms. Tanoue received her B.A. from the University of Hawaii, and her J.D. from Georgetown University Law Center.
Mr. Richard C. Houseworth, of Paradise Valley, Arizona, is the Superintendent of Banks for the State of Arizona. He has served as the United States Alternate Executive Director of the Inter-American Development Bank and as both a consultant to the Assistant Secretary of the Treasury for International Affairs and as the Director of the Export-Import Bank of the United States. Mr. Houseworth received his B.A. from the University of Kansas and also attended the Pacific Coast Banking School.
The Federal Deposit Insurance Corporation (FDIC) is an independent agency which insures banks and thrifts and resolves and liquidates failed institutions. The Corporation also has regulatory functions such as examining state-chartered banks periodically. It is one of four Federal bank thrift regulatory bodies, with the office of the Comptroller of the Currency (OCC),the Board of Govenors, the Federal Reserve System, and the Office of Thrift Supervision.