Staff Reports
Congressional Republicans are demanding accountability for the alleged toxic workplace culture at the Federal Deposit Insurance Corporation (FDIC). The Wall Street Journal has exposed what they describe as a "dirty laundry" of the FDIC's work environment, prompting Chairwoman Lisa McClain and Representative Andy Biggs, both Republicans, to address the issue.
In a letter to FDIC Chair Martin Gruenberg, the lawmakers are seeking answers, documents, and a briefing to understand the reported abusive culture at the agency. The Wall Street Journal reports instances of sexual harassment and discrimination, describing a workplace where female employees faced a hyper-sexualized atmosphere. Senior bank examiners allegedly sent explicit photos to their female colleagues, and the environment included excessive drinking, lewd comments, advances, and retaliation against those who spoke up.
What the Heck Is Going on at the FDIC?
https://t.co/J1FaOvLJZf— Townhall.com (@townhallcom) November 20, 2023
The lawmakers express disappointment that the FDIC, established to instill confidence in the banking system, appears to be doing the opposite. They highlight Chair Gruenberg's correction of a sworn statement, confirming a past investigation for inappropriate conduct in 2008 and a complaint in 2016 alleging harassment and discrimination.
The FDIC Inspector General report from July 2020 revealed the agency's failure to establish an adequate sexual harassment prevention program. The lawmakers criticize the FDIC for turning a blind eye to the reported misconduct instead of addressing it directly. They commend Chairwoman McClain and Representative Biggs for holding the FDIC accountable and are demanding information and documents by December 4, 2023.
The hope is that this accountability measure prompts the FDIC to address and rectify the reported toxic workplace culture, recognizing the importance of maintaining confidence in the banking system. The lawmakers assert that it's time for the FDIC to take its responsibilities seriously and restore trust in the agency.
