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Welcome to The Hill's Business & Economy newsletter {beacon}
Business & Economy
Business & Economy
The Big Story
Lawmakers call for FDIC chief's resignation
Lawmakers are pressing Federal Deposit Insurance Corporation Chair (FDIC) Martin Gruenberg to resign after the regulator issued a scathing report into the regulator’s work culture that confirmed long-standing sexual harassment allegations.
© Greg Nash
The top Republicans on financial committees and at least one Democratic lawmaker called for Gruenberg to step aside after an investigation by law firm Cleary Gottlieb Steen & Hamilton.
The firm found several instances of sexual harassment as well as a “widespread fear” among FDIC employees of reporting bad behavior to their bosses.
House Financial Services Committee Chair Patrick McHenry (R-N.C.) said “it’s time for Chair Gruenberg to step aside” in a Wednesday statement.
“This report confirms the toxic workplace culture at the FDIC — which starts at the top — has led to entrenched and widespread misconduct at the agency,” he said.
Rep. Bill Foster (D-Ill.), ranking member of the Financial Services subcommittee on financial institutions, also called for Gruenberg to resign.
“I am appalled and deeply disturbed by the details of widespread sexual harassment and discrimination at the FDIC outlined in the report released today,” he said in a statement.
“Sweeping changes must be made to mend the toxic work environment that has run rampant for far too long, and that starts with a change of leadership.”
Sen. Tim Scott (R-S.C.), ranking member of the Senate Banking Committee, called for Gruenberg’s resignation after a Wall Street Journal investigation that prompted the Cleary Gottlieb probe. He once again called for the top FDIC chief to resign after the law firm released its findings.
“Given the chairman’s nearly two decades in leadership at the FDIC, the findings of this report cannot be separated from his actions,” he said.
Other top Democrats stopped short of saying that Gruenberg had to go.
While Senate Banking Committee Chair Sherrod Brown (D-Ohio) said that Gruenberg “must immediately work to make fundamental changes to the agency and its culture,” he did not call for a change in leadership.
The Hill’s Tobias Burns 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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