US FDIC's Gruenberg to create office to address workplace conduct issues

Tentative trial dates set for four teens charged with murder | SaltWire #newsupdate #halifax #courtWASHINGTON - The head of the Federal Deposit Insurance Corporation plans to tell Congress he will establish a new, independent office devoted to professional conduct after an external review found comprehensive mistreatment of employees at the U.S. bank regulator under his watch.

Hundreds of agency employees in recent months contacted an outside investigative team to report instances of sexual assault, harassment, racial discrimination and whistleblower retaliation in the wake of a November Wall Street Journal expose, according to a report released this month. Favorability ratings for top FDIC management have also fallen sharply on Gruenberg's watch.

Gruenberg's ouster would hamstring much of President Joe Biden's financial regulatory agenda in an election year, and thus far key Democrats on Capitol Hill have refrained from calling for Gruenberg to step aside. He is also set to testify before the Senate Banking Committee Thursday. In his testimony, Gruenberg said he accepted the findings of the independent review, which also reported several instances where he personally lost his temper with subordinates.

He said the FDIC will adopt all of the report's recommendations, including hiring a monitor to track the agency's culture overhaul and a third-party expert to assist in that project. Gruenberg said he hopes to kick off the effort this week.It has been our privilege to have the trust and support of our East Coast communities for the last 200 years. Our SaltWire team is always watching out for the place we call home.

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