Members phkrause Posted May 21 Members Share Posted May 21 FDIC chair prepared to quit FDIC chair Martin Gruenberg is prepared to step down after a scathing report on a culture of harassment and retaliation inside the agency, he told staff in an email today. The big picture: Gruenberg said he's willing to move aside once a successor is confirmed, which could take time and allow President Biden to keep him in the position indefinitely. Biden wouldn't get to choose an acting chair as the role would automatically go to Travis Hill, the vice chairman of the board and a Republican. "In light of recent events, I am prepared to step down from my responsibilities once a successor is confirmed," Gruenberg said. State of play: The announcement came the same day Sen. Sherrod Brown (D-Ohio), the head of the Senate Banking Committee, called on Biden to choose a new FDIC leader. Gruenberg stepping down would leave the FDIC board deadlocked with two Democrats and two Republicans, making it difficult for the agency to move forward on any controversial rulemaking, Axios' Emily Peck reports. It would also change the balance of power among the three banking regulators — the FDIC, the OCC and the Fed. Quote phkrause Obstinacy is a barrier to all improvement. - ChL 60 Link to comment Share on other sites More sharing options...
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