FDIC head stepping down after report on agency's workplace culture, White House says
FDIC head stepping down after report on agency's workplace culture, White House says
The White House said Monday that the chairman of the Federal Deposit Insurance Corporation will step down in the wake of a damning report about the agency's toxic workplace culture.
Mr. 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.
Gruenberg has held positions in various levels of leadership at the FDIC for nearly 20 years, and this was his second full term as FDIC chair. His long tenure at the agency made him largely responsible for its toxic work environment, according to the independent report outlining the agency's problems.
The 234 page report released Tuesday by law firm Cleary Gottlieb Steen & Hamilton cites incidents of stalking, harassment, homophobia and other violations of employment regulations, based on more than 500 complaints from employees.