A 234-page investigation found a longstanding toxic culture at the agency.
Share on email A harsh grilling awaits FDIC chair Martin Gruenberg on Capitol Hill next week when lawmakers are expected to question him over a bombshell 234-pageThe report, by law firm Cleary Gottlieb, came out this week. It details an agency that's been rife with sexual harassment for years, and where employees fear retaliation for speaking up.
The situation raises uncomfortable questions for the White House and Democrats, typically folks who want leaders held responsible for workplace cultures that allow for sexual harassment and discrimination.If Gruenberg steps down, it would leave the FDIC board deadlocked — with two Democrats and two Republicans. That would make it difficult for the agency to move forward on any kind of controversial rulemaking.
"A 2-2 vote would stall and probably doom politically sensitive banking policy," per a note from Renaissance Macro Research.Atop the doom list is the administration's proposal to beef up capital requirements for banks, which is already facing pushback from the industry and even some Democrats told Axios in a statement. She also said the president should ask the DOJ to investigate the agency.
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