The most powerful Democrat in Congress on banking and financial issues called for President Joe Biden to replace the chairman of the Federal Deposit Insurance Corp_ on Monday, saying the agency is broken and there must be “fundamental changes at the FDIC.”.
FILE - Federal Deposit Insurance Corporation Board of Directors Chairman Martin Gruenberg, testifies during the House Committee on Financial Services hearing on oversight of prudential regulators, Wednesday, Nov. 15, 2023, on Capitol Hill in Washington.
Republicans have been calling for Gruenberg to step down for some time. At Thursday’s hearing, Sen. Tim Scott, R-S.C. and the top Republican on the committee, detailed several stories of female FDIC workers who outlined extreme harassment and stalking by their coworkers, complaints that were dismissed by supervisors, according to the report.
Gruenberg has been been involved in various levels of leadership at the FDIC for nearly 20 years, and this is his second full term as FDIC chair. His long tenure at the agency at the highest levels of power has made him largely responsible for the agency's toxic work environment, according to the independent report outlining the problems at the agency.
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