Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, May 4, 1990 TAG: 9005040240
SECTION: BUSINESS PAGE: A7 EDITION: METRO
SOURCE: The Washington Post
DATELINE: WASHINGTON LENGTH: Medium
William Taylor, the Fed's director of bank supervision, is expected to be nominated this summer after Seidman resigns as chairman of the Federal Deposit Insurance Corp., administration officials said.
Seidman's term does not expire until next year, but after months of feuding with top Bush aides, he plans to resign early. As an incentive to encourage him to step aside, the White House reportedly has offered to make Seidman, 69, an ambassador at large, sources said.
The president all but nominated Taylor at a news conference Thursday. Bush praised Seidman as someone who "conducted himself with extraordinary grace and great ability." He said Seidman "suggested the name of Bill Taylor, who we're very high on, to take his responsibilities."
Taylor, 50, turned down an earlier White House offer to succeed M. Danny Wall as director of the Office of Thrift Supervision but has agreed to take the FDIC post, an agency official said. The S&L bailout law passed last summer downgraded the OTS job by putting it within the Treasury Department but gave the independent FDIC chairman more power by putting him in charge of the Resolution Trust Corp., the agency created to clean up failed S&Ls.
Taylor would take a pay cut as FDIC chairman, whose $89,000-a-year salary is set by law. His salary at the Fed is estimated to be in the $125,000 range.
Taylor was influential in pushing Congress to include tough regulations in last year's S&L cleanup bill to prevent future losses by making thrift owners risk more of their own money. As the Fed's top banking regulator, he is regarded by congressional banking committee members, staff aides and industry officials as a blunt-spoken, no-nonsense regulator.
by CNB