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McHenry criticizes FDIC chair for avoiding committee hearing

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Banking, Inside the Beltway
Friday, September 20, 2024

Federal Deposit Insurance Corp. (FDIC) Chair Martin Gruenberg is once again the subject of criticism by Rep. Patrick McHenry (R-N.C.) who expressed disappointment at his repeated refusal to testify before the House Financial Services Committee about workplace culture issues at his agency.

The representative has pressed Gruenberg on several occasions to testify regarding claims of sexual harassment and a toxic workplace environment at the FDIC, as reported by the Wall Street Journal in November 2023.

McHenry noted Gruenberg’s last appearance before the committee was on May 15 in a hearing titled, “Oversight of Prudential Regulators,” where representatives on both sides of the aisle called for answers related to the Wall Street Journal’s report. McHenry stated he requested Gruenberg to appear on June 12 to answer specific questions about the FDIC’s work environment – a request Gruenberg denied.

Gruenberg announced this past spring his intent to resign from the FDIC once a successor was appointed and confirmed.

“Notwithstanding efforts in the Senate to confirm a successor, it appears your remaining time is focused on pursuing the financial regulatory agenda of the Biden-Harris administration rather than cleaning up the FDIC’s workplace,” McHenry wrote. “To that end, on Aug. 14, 2024, committee Republicans requested that you appear on Sept. 19, [for a] hearing to update the committee on your efforts to implement the Cleary Gottlieb recommendations. Your refusal to appear is unacceptable. The committee and the American people deserve an explanation as to why you are pushing a harmful, progressive agenda when serious cultural issues still plague the FDIC.”

In closing, McHenry requested Gruenberg provide a written reason for his refusal to appear before the committee by Sept. 12 and asked the FDIC chair to schedule a transcribed interview with the committee no later than Sept. 30.

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