In the midst of a revealing report that described “abusive” and “unprofessional do” at the company under his control, President Joe Biden and congressional Democrats had face significant obstacles in their replacement.
Senior Republicans, including House Republican Whip Tom Emmer ( R- MN), House Financial Services Committee Chairman Patrick McHenry ( R- NC), and Senate Banking Committee Ranking Member Tim Scott ( R- SC ) have called on Gruenberg to resign after an independent review found that the FDIC’s working environment was “hostile, abusive, and unprofessional”.
The Associated Press reported:
The incidents span from field offices to headquarters in Washington, and “arose within a workplace culture that is’ cruel,’ ‘ patriarchal,’ ‘ insular,’ and ‘ outdated’ — a ‘ good ol’ boys ‘ club where favoritism is typical, wagons are circled around managers, and senior executives with properly- known reputations for pursuing romantic relations with subordinates enjoy long careers without any apparent consequence”, the report states.
More than 500 staff reported instances of abuse, prejudice and other problems.
Senate Banking Committee Chairman Sherrod Brown (D-OH) somewhat urged Gruenberg to step down, merely calling on the disgraced FDIC head to “work to produce important changes to the company and its tradition.”
Senate Democrats, who have a razor-thin majority, have been the subject of much debate in Washington over how they could take over Gruenberg if they want to” try to salvage Democrats ‘ financial policy agenda.”
Although the seat of the FDIC is essentially an “independent” location, it has become more political over the years. In the event that former president Donald Trump wins the White House in November, the person may offer for only two weeks if Democrats choose to appoint another FDIC head.
Possible contenders, according to Punchbowl News, may include:
New York Department of Financial Services Superintendent , Adrienne Harris,  , past Deputy Director of the White House National Economic Council , Bharat Ramamurti,  , original Assistant Treasury Secretary for Financial Institutions , Graham Steele , and University of California- Irvine Professor , Mehrsa Baradaran.
Democrats might have to rely on Gruenberg to keep working on their financial plan if they want to end it this year, Punchbowl News reported.
