As the first woman ever to head the 60-year-old Federal Deposit Insurance Corp., Ricki R. Tigert becomes a pioneer of sorts. But that fact is less important than meeting the challenges the FDIC faces as an agency that must be significantly reduced.
Tigert, a Washington lawyer with considerable experience in international banking, was nominated by President Clinton this week to fill the five-year post - clearly part of his campaign to name more women to high federal jobs. In most respects, she seems well qualified.However, because Congress intends to recess next week until the end of the year, Tigert likely won't be confirmed until next spring. The delay is unfortunate but hardly fatal. The FDIC chairmanship, after all, has been vacant since the untimely death of William Taylor in August 1992.
The only criticism leveled against Tigert so far focuses on her lack of experience in managing large organizations and her lack of background in the issues of small-town banks. But neither shortcoming is insurmountable. Having been all things to all people should not be a requirement for a federal job.
The FDIC has major responsibilities. It insures deposits up to $100,000 per account in banks and savings institutions. It also is the primary regulator for 7,000 state-chartered banks and is a backup regulator to every other bank and savings and loan operation.
The job will become bigger when the FDIC absorbs the much-criticized Resolution Trust Corp. in 1995. The RTC has had the unenviable job of dismantling failed S&Ls.
The massive wave of bank failures in recent years has dwindled rapidly. Troubled banks have been closed or rescued and the industry generally - after hard lessons about careless loans and inadequate reserves - is enjoying prosperous times.
With the banking crisis seemingly over, the FDIC needs to shrink. A layoff already has been ordered for some 3,300 employees involved in selling assets of failed banks, and a number of scattered offices will be closed. Other cuts are sure to be demanded.
But whatever the challenges, the FDIC is no longer in a crisis. Tigert at least will have room to deal with problems without a panicky public and a meddling Congress looking over her shoulder.