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Martin Gruenberg, Chair of the Federal Deposit Insurance Corporation (FDIC) testifies before the Senate Banking, Housing, and Urban Affairs Committee on Capitol Hill on May 16, 2024 in Washington, DC (Photo by Kevin Dietsch/Getty Images)

OAN’s Taylor Tinsley
6:07 PM – Wednesday, June 12, 2024

The House Financial Services Committee held a hearing over the Federal Deposit Insurance Corporation’s (FDIC) reported toxic workplace culture and Chair Martin Gruenberg’s alleged abusive behavior.

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Gruenberg is facing calls for his resignation following a scathing report that revealed a toxic work environment of sexual harassment and bullying under his watch.

The committee heard testimony from witnesses on Wednesday, who attested to gathering complaints that mostly concerned Gruenberg’s alleged short temper. 

GOP lawmakers on the committee argued employees berated by Gruenberg were left too afraid to tell him bad news occurring in the financial system.

510 allegations were included in the report in total, some were even gathered from when Gruenberg served as vice chairman, a position he held from 2005 to 2011.

“Employees reported experiences with chair Gruenberg, including the chair losing his temper,” said Abena Mainoo, who helped author the report. “What we took from that and what we heard from employees who reported to us was that this could have a chilling impact on communications with chair Gruenberg.”

Gruenberg previously said he’s prepared to step down once a successor is confirmed by the senate. 

Chairman Patrick McHenry (R-N.C.), however, questioned what’s stopping Gruenberg from stepping down today.

“Based on Chair Gruenberg’s claims we’re supposed to believe he somehow missed this appalling behavior while leading the agency for 10 of the last 13 years,” Representative McHenry said.

McHenry said it’s clear any cultural change at the FDIC will happen in spite of Gruenberg’s presence and it’s time for Democrats and Republicans to come together to call for his immediate resignation.

Democrats on the committee, however, repeatedly compared their support for the FDIC head to their fellow GOP lawmakers’ support for President Donald Trump.

The White House hinted President Biden is preparing to name Christy Goldsmith Romero as Gruenberg’s replacement. 

Goldsmith Romero has been a democratic commissioner of the Commodity Futures Trading Commission since 2022.

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