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Washington
Inside Washington (12/08/2011)
  • WASHINGTON (12/9/11)--The Federal Deposit Insurance Corp. (FDIC) Wednesday approved a $3.28 billion budget for 2012, which is 15.4% lower than this year's budget. The drop is attributed primarily to a steadily declining workload since the height of the economic crisis. The agency plans to eliminate more than 500 non-permanent employees who work in resolution operations. Spending on work related to failed banks is expected to decline about 32% from this year's budget to $1.5 billion. However, other budget areas will grow because of the FDIC's new duties under the Dodd-Frank Wall Street Reform Act, such as its oversight role with systemically important institutions. "It appears that the peak of the recent banking failures may have passed, and the FDIC is now positioned to begin reducing budget and staffing levels while continuing to fulfill our mission and maintain readiness to handle remaining bank failure and supervisory challenges," said FDIC Acting Chairman Martin Gruenberg in the FDIC's announcement. "While this budget reflects our priority to reduce costs where prudent, it also allocates the resources needed to implement new authorities under (Dodd-Frank), primarily the FDIC's ability to facilitate the orderly resolution of a large, complex financial institution."  The board approved a staff of 8,704 employees, a reduction of 565 positions from this year's staff. More than one-third of the FDIC's 2012 staffing will be temporary employees who will assist with bank closings; perform follow-up work related to the management and sale of failed bank assets; and support supervision of a continued high number of problem banks. There were 157 bank failures in 2010 and 90 so far this year …


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