FDIC Chairman Martin Gruenberg announced today that he will resign once a successor has been named to fill his position. The announcement comes after a third-party investigation found widespread sexual harassment and discrimination at the FDIC. While the report found no evidence directly linking Gruenberg to the alleged harassment, the investigators spoke with FDIC employees who said the chairman lashed out angrily at staff, and he has faced calls from lawmakers in both parties to step down.
“It has been my honor to serve at the FDIC as chairman, vice chairman and director since August of 2005,” Gruenberg said in a statement. “Throughout that time, I have faithfully carried out the critically important mission of the FDIC to maintain public confidence and stability in the banking system. In light of recent events, I am prepared to step down from my responsibilities once a successor is confirmed. Until that time, I will continue to fulfill my responsibilities as chairman of the FDIC, including the transformation of the FDIC’s workplace culture.”
In a statement, House Financial Services Committee Chairman Patrick McHenry (R-N.C.) called Gruenberg’s announcement “too little, too late,” saying the FDIC chairman should resign immediately. Senate Banking Committee Chairman Sherrod Brown (D-Ohio), in a statement earlier in the day, urged President Biden to nominate a new FDIC chair “who can lead the FDIC at this challenging time and for the Senate to act on that nomination without delay.”
