FDIC Chair Martin Gruenberg will resign following a scathing investigation that detailed a toxic workplace

Martin Gruenberg, head of the Federal Deposit Insurance Corporation, will step down following a scathing independent investigation detailing pervasive sexual harassment, discrimination and bullying at the agency charged with regulating the banking sector.

“In light of recent events, I am prepared to step down from my responsibilities once a successor is confirmed,” Gruenberg said in a statement on Monday. “Until that time, I will continue to fulfill my responsibilities as Chairman of the FDIC, including the transformation of the FDIC’s workplace culture.”

Gruenberg’s announcement of his intent to resign comes hours after Sen. Sherrod Brown, a top Democrat who leads the Senate Banking Committee, called for “new leadership” at the FDIC. Gruenberg joined the FDIC board of directors almost two decades ago. He’s served as chair of the agency for nearly 10 of the past 13 years.

President Joe Biden will “soon” announce a new nominee to lead the FDIC, White House Deputy Press Secretary Sam Michel said in a statement on Monday following the news. “We expect the Senate to confirm the nominee quickly,” he added. However, there’s no guarantee that will happen, since confirmation processes have been known to drag on for months or longer, at which point Biden may no longer be in office.


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