Investing.com -- Jeremiah Norton submitted a letter of resignation as a member of the Board of Directors of the Federal Deposit Insurance Committee on Friday, a move that will be effective in early-June.
Norton was previously employed by JP Morgan & Chase before he joined the FDIC in April, 2012. Prior to that, Norton served as Deputy Assistant Secretary for Financial Institutions Policy at the U.S. Treasury Department under Hank Paulson during the Financial Crisis. Mr. Norton has also served as a legislative assistant and professional staff member for U.S. Representative Edward R. Royce.
"It has been an honor and a privilege to serve as a Director of the FDIC," Norton wrote in his resignation letter to U.S. president Barack Obama. "I would like to express my gratitude to you and to the members of the Senate for affording me the opportunity to work with the many talented and dedicated public servants at the FDIC."
Norton is the son of Phillip G. Norton, the CEO of Virginia-based assets selling and financing company ePlus, Inc. Upon Norton's appointment in 2012, he owned nearly $15 million in stock in the company, according to Bloomberg.
"Jeremiah has been an extraordinarily effective and influential member of the FDIC Board," FDIC chairman Martin Gruenberg said in a statement. "He has made major contributions to important actions by the FDIC in the wake of the financial crisis. We are grateful for his service, we will miss his thoughtful insights, and we wish him well in his future endeavors."