*{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
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.
Did someone forward you this newsletter? Subscribe here.
Essential Reads
Key business and economic news with implications this week and beyond:
Why labor unions are backing pro-Palestine protesters after mass campus arrests
Several major labor unions have criticized the mass arrests of students and faculty at pro-Palestinian campus protests across the country, following their own calls for a cease-fire in the Israel-Hamas war.
Full Story Biden mocks Trump over failed Foxconn project in Wisconsin
President Biden declared Wednesday that the Trump administration’s much-touted efforts to bring a Foxconn facility to Wisconsin were nothing more than a “con,” contrasting the failed project with a new investment in the state from Microsoft.
Full Story Mnuchin still considering TikTok purchase, says technology could be rebuilt
Former Treasury Secretary Steven Mnuchin said Tuesday that he is still “very interested” in buying TikTok and suggested its technology could be rebuilt even if the Chinese government bars the app’s China-based parent company ByteDance from selling the algorithm.
Full Story The Ticker
Upcoming news themes and events we're watching:
- The Consumer Financial Protection Bureau (CFPB) and the Department of Transportation (DOT) will hold a joint hearing on airline and credit card rewards Thursday at 10 a.m. ET.
In Other News
Branch out with more stories from the day:
Slow to expand, internet casino gambling is the future of US betting, industry execs say
SECAUCUS, N.J. (AP) — Internet casino gambling is legal in only a handful of states, but the industry …
Full Story Good to Know
Business and economic news we've flagged from other outlets:
- For US renters, the chance of owning a home is going from bad to worse (CNN)
- The Gap Between the Price You See and What You Pay Is Getting Worse (WSJ)
- FreedomWorks Is Closing — And Blaming Trump (POLITICO)
What Others are Reading
Top stories on The Hill right now:
Trump VP race creates army of surrogates while he’s tied up in court
Former President Trump is using the audition process for his running mate to create an army of surrogates willing to defend him and echo his talking points while he is tied up in a Manhattan courtroom. Read more
5 twists that could shake up the election before November
Rarely is a presidential candidate on a glide path to the White House, with unexpected developments known for derailing momentum. Read more
What People Think
Opinions related to business and economic issues submitted to The Hill:
- The Powell paradox: How the Fed chair’s words keep interest rates higher for longer
- Stronger whistleblower laws can help prevent the next corporate fiasco
You're all caught up. See you tomorrow!
Close Thank you for signing up!
Subscribe to more newsletters here
The latest in politics and policy. Direct to your inbox. Sign up for the Business and Economy newsletter Subscribe
login
who are we?
contact us
qosheapp
Toi Staff
Gideon Levy
Mohamad Elmasry
Belen Fernandez
Brahma Chellaney
Petra Lesjak Tušek
Tarik Cyril Amar
Cheryl Levi
visit website
