*{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.
Did someone forward you this newsletter? Subscribe here.
Essential Reads
Key business and economic news with implications this week and beyond:
Investigation finds BMW, Jaguar Land Rover, Volkswagen bought parts linked to forced labor in China
Multiple major automakers relied on forced labor in China for some purchased parts, a Senate Finance Committee investigation found Monday.
Full Story Inflation concerns weigh heavily on voters, vary by race: Poll
Inflation is “far and away” the biggest issue for Americans heading into the 2024 election, but economic outlooks and President Biden’s approval rating vary by race and ethnicity, according to a new Harvard CAPS/Harris poll.
Full Story Uber, Lyft vow to stay in Minnesota after pay compromise passes Legislature
Ride-hailing companies Uber and Lyft announced they will continue operating in Minnesota after the state Legislature passed a compromise driver compensation bill Sunday, overriding a Minneapolis city measure to which the companies objected.
Full Story Lobbying Line
The latest moves in some of Washington’s biggest lobbying battles:
- Former Rep. Kendrick Meek (D-Fla.) is joining the Coinbase Global Advisory Council as the House tees up a vote on sweeping crypto legislation later this month. The Hill’s Taylor Giorno has more here.
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
Business and economic news we've flagged from other outlets:
- Nasdaq rises to another record led by Nvidia, JPMorgan weighs on Dow (CNBC)
- The High-Class Problem That Comes With Home Equity (The New York Times)
- Target is cutting prices on up to 5,000 items to lure back inflation-weary shoppers (CNN)
What Others are Reading
Top stories on The Hill right now:
Trump trial turns rowdy as defense mounts its case in hush money trial
Former President Trump’s hush money trial briefly devolved into a rowdy scene on Monday after the judge admonished a witness brought to the stand by Trump’s defense team. Read more
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
Opinions related to business and economic issues submitted to The Hill:
- The Supreme Court has emboldened the CFPB, threatening American consumers
- How copyright is killing creativity — except Taylor Swift’s
You're all caught up. See you tomorrow!
FDIC chief to resign
27
1
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........
© The Hill
visit website
login
who are we?
contact us
qosheapp
Toi Staff
Mohamad Elmasry
Maoz Inon
Belen Fernandez
Brahma Chellaney
Tarik Cyril Amar
Petra Lesjak Tušek
Gideon Levy
Rachel Marsden
