As Expected, Christy Goldsmith Romero Selected to Lead FDIC

Earlier today, the White House announced that Christy Goldsmith Romero has been appointed to lead the Federal Deposit Insurance Corporation (FDIC). It was reported earlier this week that President Joe Biden would select Goldsmith Romero to take over leadership of the financial regulator following several tumultuous years.

Earlier this year, a report requested by the FDIC Board of Directors uncovered a toxic environment at the FDIC due to a lack of leadership. Sexual harassment amongst employees was exacerbated by fears of reprisal for notifying authorities.

FDIC Chairman Martin Gruenberg announced his resignation from the agency following the report and the fact that key Democrat officials pulled their support of the official.

Goldsmith Romero is currently a Commissioner at the CFTC. She previously worked on the TARP program and served at the Securities and Exchange Commission.

House Financial Services Committee Chairman Patrick McHenry issued a statement upon learning of Goldsmith Romero’s appointment.

“Another day with Martin Gruenberg at the helm of the FDIC is one too many. Chair Gruenberg’s successor must be prepared to hit the ground running to implement the Cleary Gottlieb recommendations and end the egregious misconduct that has come to define the agency during his tenure. If confirmed, Christy Goldsmith Romero must immediately begin taking steps to reverse the toxic culture overseen by Gruenberg to rebuild trust between FDIC employees and management. The Senate must move forward with confirmation proceedings expeditiously to curtail Chair Gruenberg’s ability to further damage the agency and endanger financial stability.”

On another note,  SEC Commissioner Caroline A. Crenshaw was re-appointed as a Commissioner for a term expiring June 5, 2029.

Fox Business journalist Eleanor Terret commented on X regarding Crenshaw, describing her as “anti-crypto” and more “Progressive” than current SEC Chairman Gary Gensler.

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