White House Says FDIC Chair Will Step Down

The announcement comes after the Senate Banking Committee chair urged the president to select a new leader.

The White House announced that President Joe Biden will be naming a replacement for Federal Deposit Insurance Corporation (FDIC) chair Martin Gruenberg. The current chair admitted to Congress that the work culture of the FDIC encouraged and obscured years of sexual harassment against female employees.

Senator Sherrod Brown of Ohio, chair of the Senate Banking Committee, had called on President Biden to select a new chair despite Gruenberg’s stated commitment to changing the FDIC’s work culture until his term expires in 2028. 

Senator Brown stated, “After chairing last week’s hearing, reviewing the independent report, and receiving further outreach from FDIC employees to the Banking and Housing Committee, I am left with one conclusion: there must be fundamental changes at the FDIC. Those changes begin with new leadership.”

White House Deputy Press Secretary Sam Michel said the president expects the FDIC “to reflect the values of decency and integrity and to protect the rights and dignity of all employees.”

As the Lord Leads, Pray with Us…

  • For Chairman Brown to be discerning as he presides over the Senate Banking Committee.
  • For wisdom for the president and his advisors as he chooses a nominee to head the FDIC.

Sources: Reuters, AP News


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