Martin Gruenberg, the FDIC Chairman, announced that he was resigning from the agency last month. The news was not unexpected, as egregious reports of sexual harassment and a toxic work environment have challenged the FDIC under his leadership for some time now. The final straw was a damning report requested by the board of directors that stated that sexual harassment was reported by 8% of employees surveyed – a percentage that was described as “underreported due to fear of retaliation.” Gruenberg had a reputation for having a bad temper. When the Chairman of the Senate Banking Committee, Sherrod Brown, voiced his opinion that Gruenberg should exit, that was it.
According to a report in WSJ.com, the Biden administration is preparing to name Christy Goldsmith Romero to take over the FDIC following the lack of leadership exemplified by Gruenberg.
The article states:
“White House officials have also discussed two other women for the job, but Goldsmith Romero has emerged as the front-runner, according to people familiar with the matter. A formal announcement could come this week, though President Biden hasn’t made a final decision, the people said.”
Goldsmith Romero is currently a CFTC Commissioner, beginning her tenure in March 2022.
Prior to becoming a CFTC Commissioner, she served as the Special Inspector General for TARP, a watchdog for the program that sought to buttress certain businesses when the financial crisis engendered an asset spiral and the federal government became a shareholder in multiple firms. She also served at the SEC as Executive Staff for former Chairwoman Mary Schapiro and Chairman Christopher Cox.
