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Proposed 2025 FDIC Operating Budget

Chairman Martin J. Gruenberg
 Statement, Board Meeting  
December 17, 2024

The FDIC Board is considering today a proposed 2025 FDIC Operating Budget of just over $3.0 billion. The proposed budget reflects an increase of 2.1 percent from the 2024 FDIC Operating Budget. The Ongoing Operations component of the proposed budget is funded at $2.7 billion, an increase of about $161.4 million, or 6.3 percent, from 2024 that is attributable largely to higher salary and other costs. The Receivership Funding component of the proposed budget is funded at $250 million, a reduction of 28.6 percent from this year’s budget, reflecting the completion of much of the post-failure workload associated with the three large regional bank failures that occurred in early 2023. 

The budget we are approving today ensures that the FDIC will be able to continue next year fulfilling its important mission responsibilities for maintaining stability and public confidence in the nation’s banking system. This includes bank supervision, the resolution of bank failures, and the protection of Americans who trust the FDIC to safeguard the funds they have deposited in FDIC-insured bank accounts. 

The banking system has continued to show resilience over the past year. As today’s staff presentation noted, however, the banking industry still faces significant downside risks from the continued effects of inflation, volatility in market interest rates, and geopolitical uncertainty. These issues could cause credit quality, earnings, and liquidity challenges for the industry. In addition, weakness in certain loan portfolios, particularly office properties, credit cards, auto, and multifamily housing loans, continue to warrant close monitoring and will remain matters of ongoing supervisory attention by the FDIC.

This budget will ensure that the FDIC has the resources to address those potential risks. It will sustain the enhanced capabilities the FDIC has developed to monitor large insured institutions on a continuing basis to support early detection and action on emerging risks, resolve the failure of large institutions, and continue to fund ongoing initiatives to address the impact of new technologies and financial products on consumers and to bring more people into the banking system. It will also provide funding to continue the FDIC’s multiyear IT modernization effort to update mission critical systems.

Of particular importance, the budget also provides the resources to implement our Action Plan for transforming our workplace culture to ensure that all employees feel safe, valued, and respected and that complaints about employee misconduct are addressed quickly and effectively. It includes 53 new positions and almost $48 million to fund the work of the new Offices of Professional Conduct and Equal Employment and the numerous initiatives being carried out under the Action Plan.

In closing, I would like to thank all the members of the FDIC Board for their engagement in the formulation of this budget. I especially want to thank Vice Chairman Hill for his cooperation and helpful suggestions in finalizing this budget. 

I would also like to express my appreciation to all the FDIC employees who played a role in putting the proposed budget together. Their contributions and hard work have presented us with a responsible and forward-looking budget for 2025 that I am pleased to support.

Last Updated: December 17, 2024