*{box-sizing:border-box}body{margin:0;padding:0}a[x-apple-data-detectors]{color:inherit!important;text-decoration:inherit!important}#MessageViewBody a{color:inherit;text-decoration:none}p{line-height:inherit}.desktop_hide,.desktop_hide table{mso-hide:all;display:none;max-height:0;overflow:hidden}.image_block img+div{display:none} @media (max-width:620px){.desktop_hide table.icons-outer{display:inline-table!important}.image_block div.fullWidth{max-width:100%!important}.mobile_hide{display:none}.row-content{width:100%!important}.stack .column{width:100%;display:block}.mobile_hide{min-height:0;max-height:0;max-width:0;overflow:hidden;font-size:0}.desktop_hide,.desktop_hide table{display:table!important;max-height:none!important}.reverse{display:table;width:100%}.reverse .column.first{display:table-footer-group!important}.reverse .column.last{display:table-header-group!important}.row-10 td.column.first .border,.row-8 td.column.first .border{padding:5px 5px 15px 25px;border-top:0;border-right:0;border-bottom:0;border-left:0}.row-10 td.column.last .border,.row-12 td.column.last .border,.row-8 td.column.last .border{padding:5px 20px 25px 5px;border-top:0;border-right:0;border-bottom:0;border-left:0}.row-12 td.column.first .border{padding:5px 5px 15px 25px;border-top:0;border-right:0;border-bottom:15px solid transparent;border-left:0}} Welcome to The Hill's Business & Economy newsletter {beacon}
Business & Economy
Business & Economy
The Big Story
FDIC chief to step aside
Martin Gruenberg, the embattled chair of the Federal Deposit Insurance Corporation (FDIC), agree to step down from his post after President Biden nominates and the Senate confirms a new chair.
© Greg Nash
His announcement comes after several reports documented a culture of sexual harassment, misconduct and retaliation at the agency under his leadership.
Lawmakers have been pressuring Gruenberg for months to resign amid allegations of inappropriate workplace conduct against him and other senior FDIC officials.
“It has been my honor to serve at the FDIC as Chairman, Vice Chairman, and Director since August of 2005. Throughout that time I have faithfully carried out the critically important mission of the FDIC to maintain public confidence and stability in the banking system,” Gruenberg said in a statement.
“In light of recent events, I am prepared to step down from my responsibilities once a successor is confirmed. Until that time, I will continue to fulfill my responsibilities as Chairman of the FDIC, including the transformation of the FDIC’s workplace culture.”
Last year, the Wall Street Journal revealed a long record of misogynistic and abusive behavior at the agency under Gruenberg.
Those findings were confirmed by an investigative report from law firm Cleary Gottlieb Steen & Hamilton, prompting an apology from Gruenberg.
The Hill’s Sylvan Lane and Julia Shapero has more here.
Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue.
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The Ticker
Upcoming news themes and events we're watching:
- The Senate Finance Committee holds a hearing on Tuesday at 10 a.m. E.T. focused on child savings accounts and other tax-advantaged accounts benefiting kids.
- The Subcommittee on International Trade, Customs, and Global Competitiveness also has a hearing set for 2:30 p.m. E.T. later that day focused on examining trade enforcement and entry of merchandise at U.S. ports.
In Other News
Branch out with more stories from the day:
The White House says FDIC chairman to step down following report on agency’s ‘toxic culture’
NEW YORK (AP) — Martin Gruenberg, the chairman of the Federal Deposit Insurance Corporation, will …
Full Story Good to Know
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Trump lawyer lands blow against Cohen on stealing from Trump Org
NEW YORK — Former President Trump’s lead defense attorney landed another punch on Michael Cohen on Monday, getting him to admit he stole from the Trump Organization as the ex-fixer was allegedly being repaid for the hush money payment at the center of Trump’s criminal case. Read more
What People Think
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You're all caught up. See you tomorrow!
FDIC chief to resign
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21.05.2024
*{box-sizing:border-box}body{margin:0;padding:0}a[x-apple-data-detectors]{color:inherit!important;text-decoration:inherit!important}#MessageViewBody a{color:inherit;text-decoration:none}p{line-height:inherit}.desktop_hide,.desktop_hide table{mso-hide:all;display:none;max-height:0;overflow:hidden}.image_block img div{display:none} @media (max-width:620px){.desktop_hide table.icons-outer{display:inline-table!important}.image_block div.fullWidth{max-width:100%!important}.mobile_hide{display:none}.row-content{width:100%!important}.stack .column{width:100%;display:block}.mobile_hide{min-height:0;max-height:0;max-width:0;overflow:hidden;font-size:0}.desktop_hide,.desktop_hide table{display:table!important;max-height:none!important}.reverse{display:table;width:100%}.reverse .column.first{display:table-footer-group!important}.reverse .column.last{display:table-header-group!important}.row-10 td.column.first .border,.row-8 td.column.first .border{padding:5px 5px 15px 25px;border-top:0;border-right:0;border-bottom:0;border-left:0}.row-10 td.column.last .border,.row-12 td.column.last .border,.row-8 td.column.last .border{padding:5px 20px 25px 5px;border-top:0;border-right:0;border-bottom:0;border-left:0}.row-12 td.column.first .border{padding:5px 5px 15px 25px;border-top:0;border-right:0;border-bottom:15px solid transparent;border-left:0}} Welcome to The Hill's Business & Economy newsletter {beacon}
Business & Economy
Business & Economy
The Big Story
FDIC chief to step aside
Martin Gruenberg, the embattled chair of the Federal Deposit Insurance Corporation (FDIC), agree to step down from his post after President Biden nominates and the Senate confirms a new chair.
© Greg Nash
His announcement comes after several reports documented a culture of sexual harassment, misconduct and retaliation at the agency under his leadership.
Lawmakers have been pressuring........
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