Cleary Gottlieb Announces that FDIC General Counsel Michael Krimminger Will Join as Partner in Washington, D.C.
22 May, 2012
International law firm Cleary Gottlieb Steen & Hamilton LLP announced today that Michael Krimminger, currently General Counsel of the Federal Deposit Insurance Corporation (“FDIC”), will join the firm next month as a partner based in the Washington, D.C. office. Mr. Krimminger will be part of the firm’s international banking and financial institutions practice and will advise a wide range of U.S. and global banking clients on the challenges presented by regulatory reforms in the United States and internationally.
“With more than two decades of experience as a leader in the FDIC, including during the financial crisis and ensuing regulatory reforms, Mike brings a wealth of expertise, particularly in matters relating to Dodd-Frank,” said Cleary Gottlieb Managing Partner Mark Leddy. “This is especially valuable as the financial regulatory landscape continues to evolve in the United States and abroad. Mike will be able to draw upon his distinct knowledge of these developments to advise the firm’s clients around the world as part of our global financial institutions practice.”
Since joining the FDIC in 1991, Mr. Krimminger, 54, has served in numerous leadership positions and played a crucial role in the development and implementation of regulatory reforms affecting both the U.S. and international financial systems. As General Counsel, he served as the principal legal and policy advisor to the Chairman and Board of Directors regarding the implementation of regulatory and policy components of the Dodd-Frank Act, capital markets and capital issues, international crisis management and resolution issues, mortgage and housing policy, as well as on legal policy, litigation, and corporate issues. He was also responsible for all legal and operations issues for the 730 attorney and non-attorney members of the Legal Division.
Prior to serving as General Counsel, Mr. Krimminger served as Special Advisor for Policy to the Chairman and Deputy to the Chairman for Policy. Mr. Krimminger played a central role in the FDIC’s response to the financial crisis and the development of Dodd-Frank Act provisions addressing capital markets, capital requirements, creation of the Financial Stability Oversight Council, living wills, enhanced prudential supervision, risk retention, resolution authority, and other provisions of the Act. He also directed the strategic development, analysis and implementation of initiatives on corporate legal policy, capital policy, systemic stabilization, SIFIs, domestic and international resolutions, housing finance, and derivatives, securitization, and other structured finance transactions.
Mr. Krimminger will also bring to the firm a unique international experience, having served since 2008 as the co-chair of the Basel Committee’s Cross Border Resolutions Group and representing the FDIC on the Financial Stability Board’s Resolution Steering Group and other bodies. He has played a central role in bilateral and multilateral discussions with regulators around the world on legal reform, resolution planning, capital and liquidity requirements, and strategies for implementation of financial market reforms for derivatives and other financial market contracts.
“Cleary Gottlieb’s financial institutions practice is unparalleled in its global reputation, and I’m excited to be joining such a talented group of lawyers,” commented Mr. Krimminger. “I look forward to working with the firm’s wide array of sophisticated financial institution clients throughout the world, particularly during this time of unprecedented regulatory change.”