Biden Nominates New FDIC Chair Amid Toxic Workplace Controversy

President Joe Biden will nominate Christy Goldsmith Romero to lead the Federal Deposit Insurance Corporation (FDIC), replacing Martin Gruenberg, as the financial regulatory agency grapples with a toxic workplace scandal, the White House confirmed on Thursday.

Ms. Romero, a Democrat, joined the Commodity Futures Trading Commission (CFTC) in March 2022. She served 12 years at the Treasury Department, including a decade as the Special Inspector General for the Troubled Asset Relief Program (SIGTARP).

She has a background in enforcement and has spearheaded significant actions against Wall Street banks and other financial institutions.

Sen. Sherrod Brown (D-Ohio), who heads the Senate Banking Committee, endorsed the nomination, championing her “invaluable experience” protecting taxpayers.

“She has proven herself to be a strong, independent, and fair regulator who is not afraid to do what’s right,” Mr. Brown said in a statement. “I call on the entire Banking and Housing Committee, Senate leadership, and the full Senate to move quickly to bring new leadership to the FDIC at this challenging time.”

Sen. Tim Scott (R-S.C.), the committee’s ranking member, reserved his support and reiterated his calls for Mr. Gruenberg to resign immediately.

Read Full Article Here