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Rep. Loudermilk Calls for Resignation of FDIC Chairman Martin Gruenberg

Washington D.C. (May 10, 2024) | Today, Rep. Barry Loudermilk (GA-11) released the following statement in response to both the Wall Street Journal investigation and independent report by Cleary Gottlieb regarding allegations of a toxic work culture and widespread misconduct at the Federal Deposit Insurance Corporation (FDIC): 

The findings in this week’s Wall Street Journal article, as well as in Cleary Gottlieb’s independent review and report, are appalling and deeply troubling. These reports confirm FDIC Chairman Martin Gruenberg’s clear failure to address the rampant sexual harassment, abuse, discrimination, and gross mismanagement that occurred throughout his tenure as head of the corporation. The American people expect higher standards of professionalism, integrity, and accountability from Washington regulators.

“Martin Gruenberg must immediately step aside as Chair of the FDIC to ensure critical, ground-up reforms are implemented to address the misconduct and workplace culture issues at the FDIC. As head of this key bank regulatory agency for ten of the past thirteen years, he is solely responsible for allowing this inexcusable behavior to continue.

“I implore my colleagues to ensure Chairman Gruenberg and other senior leaders at the FDIC are held accountable, and call for all banking regulators to immediately evaluate their workplace culture and agency standards to address any similar shortcomings.”