President Trump is poaching from House Republicans for his top bank regulator.

The White House announced Friday evening that Trump intends to nominate James Clinger, counsel of the House Financial Services Committee, to chair the Federal Deposit Insurance Corporation, the agency tasked with insuring banks’ deposits and protecting them in the case of a bank failure.

Clinger would first be nominated to be a member of the FDIC, and then to replace current chairman, Martin Gruenberg, when his five-year term runs out in November.