Reich holds a Bachelor’s of Science degree from Southern Illinois University and an MBA from the University of South Florida. He is also a graduate of Louisiana State University’s School of Banking of the South.

 

Prior to joing the government, Reich spent 23 years as a community banker in Illinois and Florida, including 10 years as president and CEO of the National Bank of Sarasota in Florida.

 

Reich also served 12 years on the staff of US Senator Connie Mack (R-FL) before joining the FDIC. From 1998 through 2000, he was Senator Mack’s chief of staff, directing and overseeing all of the senator’s offices and committee activities, including those at the Senate Banking Committee.

 

Reich’s community service includes serving as chairman of the board of trustees of a public hospital facility in Ft. Myers, FL, and chairman of the board of directors of the Sarasota Family YMCA.

 

In March 2008, Reich responded unfavorably to an overhaul plan unveiled by Treasury Secretary Henry Paulson that would revamp the government’s system for managing the financial industry. Among Paulson’s suggestions was eliminating OTS. Reich wrote an email to his employees which stated, “you might be wondering whether financial services restructuring is an idea whose time has finally come. I don't think so.”

 

Reich suggested that his office was needed because it offered important checks and balances in the regulation of financial institutions. “When the Treasury Department issues its recommendations, expect to see news stories and renewed questions about what the future will hold,” Reich wrote. “Take note of the fanfare, then look back to [past failed efforts to restructure financial regulation] and resume the important work that you continue to do so well.”

 

In May, Reich explained in a speech before New Jersey bankers how his office should have expanded authority (pdf) to help solve the mortgage crisis.

 

Long Fight Ahead for Treasury Blueprint (by David Cho, Neil Irwin and Carrie Johnson, Washington Post)