Powell leaves FDIC chairmanship to head Gulf Coast recovery efforts

FDIC Chairman Donald E. PoweU has been selected by President George W. Bush to coordinate the federal support for the Gulf Coast's recovery and rebuilding efforts. Powell became the 18th FDIC chairman on Aug. 29, 2001.

"I am honored that the President has chosen me for this important effort to help rebuild the Gulf region," said Powell. "This new position allows me to continue to serve my country and help the many people who have had their lives turned completely upside down.

"In my role as FDIC chairman, I had the opportunity to tour the area and see firsthand what the communities in the Gulf region face. I look forward to this new challenge and appreciate the trust that the President has in me. Of course, I will always have fond memories of my rime at the FDIC. I have been afforded the opportunity to work with many wonderful people inside and outside the agency, and I feel truly blessed" Powell concluded.

Powell received praise from the various banking organizations for his work as FDIC chairman and for his new appointment.

Conference of State Bank Supervisors President and CEO Neil Milner commended President Bush on his choice of Powell to head the Gulf Coast Recovery and Rebuilding Council.

''Chairman Powell has earned the respect and admiration of bank regulators nationwide as well as among poky-makers in Washington. He has the proven leadership ability and financial management acumen needed to take on a mission that is enormously important to our country as we seek to restore the Gulf Coast's viability and quality of life."

Milner continued. "As he takes on this new challenge, we know that his experience as a community banker and his tenure at the helm of the FDIC have given him both the perspective and the contacts in the financial industry to get the job done. He knows well that local banks will be playing leading roles in the rebuilding of their respective communities."

Milner said Powell has been a strong leader and leaves the agency in an excellent position to continue its legacy of service to the public and the banking industry.