Washington: The top US banking regulator has offered to resign after an independent report found evidence of rampant sexism and a “patriarchal” culture at its institutions.
“Given recent events, I am prepared to step down once a successor is confirmed,” Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg said.
“Until then, I will continue to serve as FDIC Chairman, including changing the culture at our FDIC workplace”.
Gruenberg has led the FDIC since 2005, under both Republican and Democratic presidents, and was recently appointed top administrator by President Joe Biden.
The resignation letter came after the top Democrat on the Senate Banking Committee joined his Republican colleagues on Monday in a series of Wall Papers following the publication of a report commissioned by the FDIC to investigate allegations of workplace misconduct. Road Journal
“There needs to be a major change in the FDIC,” said Ohio Senator Sherrod Brown. “This change starts with new leaders who need to fix the agency’s toxic culture and put the women who work there with their jobs.”
A report released earlier this month found that the FDIC “failed to ensure a safe workplace from sexual harassment, discrimination and other personal misconduct” and that the agency had a “patriarchal, internalized and risk-taking culture.”
A “widespread fear of revenge” has led to misreporting of wrongdoing and management response has been “insufficient and ineffective”.
The report also said Gruenberg’s behavior earned him a reputation at the FDIC and that some employees were “extremely rude,” “aggressive” and “angry.”
While Gruenberg’s behavior is not the root cause of sexual harassment and workplace discrimination, the report’s authors said, “workplace culture starts at the top.”
In response to Gruenberg’s resignation offer, the White House spokesman thanked Gruenberg for his “willingness to remain at the FDIC until his successor can be assured that he will continue to protect the financial stability of our nation”.
“Of course, the President expects the administration to demonstrate the value of decency and integrity and to protect the rights and dignity of all employees,” he said, adding that Biden will soon nominate a new presidential candidate. belonging to that value. “
