FDIC Chair Martin Gruenberg to Step Down after Workplace Harassment Probe

Martin Gruenberg, the Chairman of the Federal Deposit Insurance Corp has announced that he will resign following a recent probe that exposed sexual harassment and discrimination at the agency.

Gruenberg will step down as FDIC chair“ once a successor is confirmed.”

Following Gruenberg’s announcement, Deputy White House Press Secretary Sam Michel said President Joe Biden would “soon” name his nominee for the position.

Sen. Sherrod Brown, D-Ohio, who chairs the Senate Committee on Banking, Housing, and Urban Affairs, called for leadership changes at the FDIC to “fix the agency’s toxic culture and put the women and men who work there first.”

Gruenberg has been accused of being “aggressive” and “harsh”, engaging in bullying and verbal abuse, according to 174-page report, drawn from accounts of more than 500 people.

In one instance, Gruenberg allegedly screamed profanities at employees after they delivered bad news, the report said.

Gruenberg on May 15 testified before the House Financial Services Committee, where he apologized for the misconduct at the agency and pledged to implement the report’s recommendations.

According to the FDIC bylaws, Vice Chairman Travis Hill, a Republican, would assume the chair’s responsibilities if the position became vacant.

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