President Donald Trump has officially nominated Travis Hill, the acting chair of the Federal Deposit Insurance Corporation (FDIC), to permanently lead the agency. The nomination, which was sent to the Senate Banking Committee on Tuesday, sets the stage for Hill to potentially serve a five-year term, succeeding Martin Gruenberg. Hill has been serving as the acting chairman since January.

Hill's background includes prior service as a senior advisor to former FDIC Chairman Jelena McWilliams during Trump's first term. He also served as counsel on the Senate Banking Committee, where he contributed to legislation aimed at easing post-crisis regulations for regional banks. Prior to becoming the acting chairman, Hill was sworn in as the FDIC's vice chairman on January 5, 2023.

Since stepping into the role of acting chairman, Hill has initiated a shift away from the regulatory approach of the Biden era, prioritizing deregulation and aligning the agency's initiatives with the Trump administration's policies. This includes scaling back capital and liquidity rules, dismantling climate-related initiatives, easing the compliance burden on banks, and restoring transparency and neutrality in the agency's oversight.

One notable policy change under Hill's leadership is the clarification that banks are no longer required to obtain prior government approval for engaging in crypto activities. This move rescinded a previous policy (FIL-16-2022) that mandated such notifications and replaced it with FIL-7-2025, which emphasizes adequate risk management instead. Hill has also spoken out against what he views as "debanking" practices targeting companies with ties to crypto.

The nomination has been met with support from bank trade groups, with the Consumer Bankers Association (CBA) expressing confidence that Hill's experience will benefit both the industry and consumers. CBA President and CEO Lindsey Johnson stated that America's leading banks look forward to working with him to strengthen consumer confidence, support innovation, drive economic growth and access to capital, and ensure the banking system remains resilient. Similarly, ABA President and CEO Rob Nichols has said that Hill has demonstrated a keen understanding of the complex policy issues facing our financial system.

If confirmed, Hill would have unusual freedom to set policy direction, given that the FDIC board is now entirely Republican. His priorities are expected to center on rolling back Biden-era rules and limiting the agency’s role in liberal-aligned issues like climate change and diversity.

Jelena McWilliams, who Hill previously advised, served as the 21st Chairman of the FDIC from 2018 to 2022. Appointed by President Trump, she implemented a regulatory agenda focused on competition, innovation, digital transformation, and financial inclusion. McWilliams also led the FDIC's response to the economic challenges posed by the COVID-19 pandemic.