WASHINGTON, D.C. — Tomorrow, the House Financial Services Committee will hold a hearing titled: Oversight of Prudential Regulators. Martin Gruenberg, Chairman of the Federal Deposit Insurance Corporation (FDIC), is expected to testify with Michael Barr, Vice Chairman for Supervision of the Board of Governors of the Federal Reserve System and Michael Hsu, Acting Comptroller of the Office of the Comptroller of the Currency.

Patrice Onwuka, director of the Center for Economic Opportunity at Independent Women’s Forum, issued the following statement:

“The FDIC serves a critical function to ‘maintain stability and public confidence in the nation’s financial system.’ The disturbing allegations of a toxic workplace culture at the FDIC where leadership reportedly turns a blind eye to sexual harassment, rewards wrongdoing, and allows retaliation against whistleblowers undermines public confidence in the agency. Mr. Gruenberg has been at the helm for nearly two decades and seems to have spent his entire tenure bullying his colleagues and creating a toxic workplace. The FDIC needs new leadership. Meanwhile, the regulatory agenda of the FDIC has prioritized strengthening the government’s grip on the industry to the loss of consumers, small businesses, and small banks.”

Carrie Sheffield, senior policy analyst at Independent Women’s Voice, added: 

“For anyone who cares about defending workplace integrity, especially for women, Gruenberg’s behavior is unacceptable. That’s why it’s disappointing that leading financial services progressives, including women who were vocal in decrying similar behavior during the #MeToo era–like Sen. Elizabeth Warren and Rep. Maxine Watersare giving Gruenberg cover. Gruenberg’s rampant misogyny, moral failures and verbal abuse distract from governance. It’s time for Gruenberg to pack his bags and resign.”  

IWF and IWV sent a letter to the committee detailing their concerns with FDIC’s culture and banking policies. Read it here.



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