The Bank Slate


FDIC Chair Gruenberg willing to step down after successor is confirmed

FDIC Chairman Martin Gruenberg said he is willing to step down after a successor is confirmed.

Gruenberg had endured intensifying calls for him to step down, including public statements from former FDIC Chair Sheila Bair and Sen. Sherrod Brown, D-Ohio, and chair of the Senate Banking Committee.

“It has been my honor to serve at the FDIC as chairman, vice chairman, and director since” August 2005, he wrote in a brief statement.

“In light of recent events, I am prepared to step down from my responsibilities once a successor is confirmed,” Gruenberg added. “Until that time, I will continue to fulfill my responsibilities as chairman of the FDIC, including the transformation of the FDIC’s workplace culture.”

The White House soon said it intended to put forward a new nominee.

Calls for Gruenberg to step down followed the release of an independent report that detailed multiple workplace misbehavior issues at the FDIC. The report also called into question Gruenberg’s temperament.

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