Bank regulator's toxic workplace culture overshadows oversight of financial system

by AUSTIN DENEAN | The National DeskFederal Deposit Insurance Corporation Chairman Martin Gruenberg , testifies before a Senate Banking, Housing, and Urban Affairs hearings to examine recent bank failures and the Federal regulatory response on Capitol Hill, Tuesday, March 28, 2023, in Washington. Lawmakers spent a second consecutive day grilling the leader of the agency that oversees U.S.

“I again want to apologize and express how deeply sorry I am. I also acknowledge my own failures as chairman, both at failing to recognize how my temperament in meetings impacted others and for not having identified deeper cultural issues at the FDIC,” Gruenberg said. “I am personally committed to addressing these issues.

Gruenberg’s tenuous position at the FDIC comes at a time with several major overhauls to the nation’s financial system are pending, including rules the agency itself is trying to implement in the wake of the wave of bank collapses last year. If Gruenberg were to resign from the position he has held for 10 of the last 13 years, the FDIC board may not have enough votes to pass the rules being proposed, a point several Republicans took issue with.

Financial System Regulatory Oversight Workplace Culture Sexual Harassment Bank Failures Gruenberg Basel III

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