Sen. Sherrod Brown on Monday called on President Joe Biden to replace Federal Deposit Insurance Corporation Chairman Martin Gruenberg.
If Gruenberg were to leave the agency before a replacement is confirmed, the FDIC's board of directors would be politically deadlocked, jeopardizing the Biden administration's financial reform agenda.There "must be fundamental changes at the FDIC," Brown, who chairs the Senate Committee on Banking, Housing, and Urban Affairs, said in a.
With his statement, Brown broke from fellow Democrats, who have largely condemned the allegations but refrained from pushing for Gruenberg's resignation, instead calling for him to drive changes at the agency. Brown's statement could signal the beginning of the end for the FDIC's top regulator, who was nominated for the position in 2022 by Biden.
Investigators said that while Gruenberg's alleged behavior is not the "root cause" of misconduct at the FDIC, "we do recognize that, as a number of FDIC employees put it in talking about Chairman Gruenberg, culture 'starts at the top.'"
Source: Financial Digest (financialdigest.net)
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