Source: AFP
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US lawmakers attacked the head of a top financial regulator for a second straight day on Thursday over his agency’s failure to address workplace misconduct, including discrimination and sexual harassment.
Republicans on the Senate Banking Committee have called on Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg to resign after an independent report found the agency, created to protect bank deposits, failed to address issues of misconduct in the space. work years ago.
Gruenberg has led the FDIC for more than a decade since 2005, under both Republican and Democratic presidents, and was recently reappointed to the top job at the regulator by Joe Biden.
“You should resign,” Republican Sen. Tim Scott told Gruenberg. “Your employees don’t trust you.”
“This is not an incident,” Scott added. “This covers over a decade-plus of your leadership at the FDIC.”
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Democrats on the committee have also criticized Gruenberg’s leadership of the FDIC, but have not called for his resignation — accusing their Republican colleagues of playing politics.
“Chairman Gruenberg, the Republicans who today called for your resignation are engaging in a purely political exercise,” Sen. Elizabeth Warren said, accusing her colleagues of wanting to replace Gruenberg with a Republican appointee.
“Your resignation would do nothing to improve the toxic culture at the FDIC, but it would give Republicans veto power over banking policy,” he added.
Harassment, discrimination
The FDIC ordered the workplace misconduct report after concerns were raised about its workplace practices.
“For too many employees and for too long, the FDIC has failed to provide a workplace safe from sexual harassment, discrimination, and other interpersonal misconduct,” the report’s authors found.
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![](https://images.yen.com.gh/images/5e20a386042821b5.jpg?impolicy=cropped-image&imwidth=256)
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They said a “patriarchal, insular and hateful culture” played a role in workplace misconduct persisting at the FDIC and that a “widespread fear of retaliation” led to underreporting of misconduct.
“Management responses to allegations of misconduct, and the culture and conditions that gave rise to them, were inadequate and ineffective,” they continued, adding that “cultural and structural change is needed.”
The release of the report overshadowed Gruenberg’s planned appearance before Congress to discuss US banking regulation, along with Federal Reserve Vice Chairman for Supervision Michael Barr and Michael Hsu, the acting comptroller of the Office of the Comptroller of the Currency .
“I accept the report’s findings and as president I take full responsibility,” Gruenberg told lawmakers, rejecting calls for his resignation.
Gruenberg said he is “personally committed” to addressing the issues raised in the report and implementing its recommendations.
“Our employees are extremely dedicated to the organization and its mission,” he said. “They deserve to have a workplace where everyone feels safe, valued and respected.”
Source: AFP