FDIC Chair Martin Gruenberg to resign after damning workplace harassment probe

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Federal Deposit Insurance Corporation Chairman Martin Gruenberg announced Monday that he will resign, after a recent probe found a widespread culture of sexual harassment and discrimination at the independent agency.

“In light of recent events, I am prepared to step down from my responsibilities once a successor is confirmed,” Gruenberg said in a statement. “Until that time, I will continue to fulfill my responsibilities as Chairman of the FDIC, including the transformation of the FDIC’s workplace culture.”

Following Gruenberg’s announcement, Deputy White House Press Secretary Sam Michel said President Joe Biden would “soon” name his nominee for the position.

“The President will soon put forward a new nominee for FDIC Chair who is committed to those values and to protecting consumers and ensuring the stability of our financial system, and we expect the Senate to confirm the nominee quickly,” Michel said.