FDIC Chief To Resign Over Toxic Workplace Culture: White House

The White House has stated that the chairman of the Federal Deposit Insurance Corporation will step down, a departure that follows the release earlier this month of a damning report about the agency’s toxic workplace culture, Ken Sweet and Fatima Hussein reported for the Associated Press (AP).

The White House said Martin Gruenberg will step down once a successor is appointed and that President Joe Biden will name a replacement “soon.” I Photo: Paul Morigi, Brookings Institution Flickr

The White House said Martin Gruenberg will step down once a successor is appointed and that President Joe Biden will name a replacement “soon.”

The announcement came after the top Democrat on the Senate Banking Committee earlier Monday called for Gruenberg’s removal, CNN and Reuters also reported.

Biden expects the FDIC “to reflect the values of decency and integrity and to protect the rights and dignity of all employees,” Deputy Press Secretary Sam Michel said in a statement.

The FDIC is one of several U.S. banking system regulators. The Great Depression-era agency is best known for running the nation’s deposit insurance program, which insures Americans’ deposits up to $250,000 in case their bank fails.