Saturday, 16 November 2024

Republicans Call on FDIC Chairman to Resign in Wake of 'Abusive' Conduct at Agency

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Republicans Call on FDIC Chairman to Resign in Wake of 'Abusive' Conduct at Agency
Federal Deposit Insurance Corporation Chair Martin Gruenberg testifies during the House FiTom Williams/CQ-Roll Call, Inc via Getty Images

Republicans on Tuesday called on FDIC Chairman Martin Gruenberg to resign due to a report that detailed the “hostile, abusive, and unprofessional, or inappropriate conduct” at the agency under his watch.

An independent review of the Federal Deposit Insurance Corp. (FDIC) was described by an independent review conducted by Cleary Gottlieb Steen & Hamilton as “hostile, abusive, unprofessional.” The report outlined many incidents of stalking, harassment, homophobia, and other violations of employee regulations.

The Associated Press (AP) explained:

The incidents span from field offices to headquarters in Washington, and “arose within a workplace culture that is ‘misogynistic,’ ‘patriarchal,’ ‘insular,’ and ‘outdated’ — a ‘good ol’ boys’ club where favoritism is common, wagons are circled around managers, and senior executives with well-known reputations for pursuing romantic relations with subordinates enjoy long careers without any apparent consequence,” the report states.

More than 500 workers reported incidents of harassment, discrimination and other issues

The report also named Gruenberg for having “deeply unsettling exchanges” between the chair and his subordinates.

The report stated that Gruenberg's “reputation raises questions about the credibility of the leadership’s response to the crisis and the ‘moral authority’ to lead a cultural transformation.”

Republicans have called Gruenberg to resign due to the scandal under his watch.

House Majority Whip Tom Emmer (R-MN) said, “The FDIC is in disarray under Marty Gruenberg's failed leadership. He must resign.”

Rep. French Hill (R-AR), the vice chairman of the House Financial Services Committee, wrote, “I recently met with Chairman Gruenberg over the allegations connected with his management of the FDIC. I was very disappointed in his response to my questions and upon reading the independent report released today, I believe it's in the best interest of the FDIC, its employees, and the industry for him to resign.”

Rep. Patrick McHenry (R-NC), the chairman of the House Financial Services Committee, said the report “makes clear new leadership is needed at the FDIC.” Sen. Tim Scott (R-SC), ranking member of the Senate Banking Committee, said “it’s time for Chairman Gruenberg to resign so the FDIC can move forward with the leadership it deserves and desperately needs.”

Sean Moran is a policy reporter for Breitbart News. Follow him on Twitter @SeanMoran3.


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