Martin Gruenberg will step down from his post once a successor is appointed.
NEW YORK — Martin Gruenberg, the chairman of the Federal Deposit Insurance Corporation, will step down from his post once a successor is appointed, the White House said Monday.
Last week, Gruenberg was unable to convince Congress in testimony that he would be able to turn the agency around despite the report saying Greunberg himself was often the source of the problems. “Marty — you’ve heard me say this to you directly — you should resign,” Scott said. “Your employees do not have confidence in you. And this is not a single incident. This spans over a decade-plus of your leadership at the FDIC.”Scott, who called for Gruenberg to step down in December when the initial allegations were made public, also called for the Banking Committee to hold a separate hearing on the FDIC’s workplace issues.
The FDIC is one of several 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.Sheila Bair, who was chair of the FDIC through the 2008 financial crisis and was one of the most prominent voices from government at that time, posted on Twitter on Monday that it would be best for the agency if Gruenberg would step down.
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