NEW YORK (AP) — The White House said Monday 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.
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.
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.
The government wants to buy their flood
Ancient answers to modern questions
Xi to Pay State Visit to Vietnam
Xi Says Ready to Boost Mutually Beneficial Cooperation with Liberia
Supreme Court declines to hear challenge to Maryland ban on rifles known as assault weapons
Fighting to understand the concept of beauty
Safety efforts urged after fatal boat accident
Exhibiting a timeless elegance
Digital technologies restore looks of 2,200
Xi, Uruguayan President Hold Talks, Elevate Ties to Comprehensive Strategic Partnership
Seven sneaky clauses in estate agent contracts that can cost you dear
Xi Sends Condolences to Biden over Kissinger's Death