Following reports of alleged harassment and a toxic work
environment within the agency, the Federal Deposit Insurance Corp. (FDIC) Board
of Directors unanimously approved the formation of a special committee to
oversee an external review of the agency’s workplace culture.
In a statement announcing the move, agency leaders emphasized
the need for a safe environment where employees can voice concerns about
inappropriate behavior, denouncing harassment and discrimination. The board
named FDIC Directors Jonathan McKernan and Michael Hsu as co-chairs for the new
committee.
“The FDIC Board is committed to fostering an environment and
culture that promotes a safe, fair, and inclusive workplace for all FDIC
employees,” the board said in a statement. “The board supports taking all
actions necessary to identify and address the root cause of the problem and to
promote accountability.”
The co-chairs are permitted to appoint up to three
additional non-voting members to the special committee, which likely would come
from outside the FDIC. These members would provide advice and promote a
diversity of views.
“The review will be fully independent and those conducting
it will report directly and exclusively to the special committee,” the board
said. “This is a top priority for the FDIC board members. While this important
work is underway, we recognize and appreciate the nearly 6,000 professionals
who work at the FDIC, advancing its important mission of maintaining the
stability and public confidence in the nation’s financial system.”
FDIC Vice Chair Travis Hill released a separate statement
noting his support for the committee’s formation.
“I have had a number of conversations with current and
former employees over the past week that have reinforced the need for the
review to be truly independent — to encourage those who have been subject to
inappropriate conduct to participate, and for the results to be viewed credibly,”
Hill said. “To that end, the board resolution approved last night includes
several provisions that restrict the ability of FDIC management and FDIC board members
not on the special committee to engage with or influence the review. I
agreed to support the resolution in part due to the inclusion of these
provisions.”