LP_468x60
ontario news watch
on-the-record-468x60-white
and-another-thing-468x60
World

Biden to nominate Christy Goldsmith Romero as FDIC chair after abrupt departure of predecessor

President Joe Biden will nominate Christy Goldsmith Romero to replace Martin Greunberg as head of the Federal Deposit Insurance Corporation, after Gruenberg’s tenure became marred by allegations of workplace abuse that led to him to resign.

Goldsmith Romero is currently a commissioner at the Commodity Futures Trading Commission, the nation’s financial derivatives regulator.

Gruenberg last month said he would resign from the FDIC, after an independent report by law firm Cleary Gottlieb Steen & Hamilton found incidents of stalking, harassment, homophobia and other violations of employment regulations, based on more than 500 complaints from employees.

Complaints included a woman who said she was stalked by a coworker and continually harassed even after complaining about his behavior; a field office supervisor referring to gay men as “little girls;” and a female field examiner who described receiving a picture of an FDIC senior examiner’s private parts.

The FDIC is one of several U.S. banking system regulators. The Great Depression-era agency is best known for running the nation’s deposit insurance program, which insures Americans’ deposits up to $250,000 in case their bank fails.

Associated Press, The Associated Press