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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

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FDIC Under Scrutiny: US Probe Exposes Prevalent Sexual Misconduct, Sources Claim

FDIC Under Scrutiny: US Probe Exposes Prevalent Sexual Misconduct, Sources Claim
BBC BBC
FDIC Under Scrutiny: US Probe Exposes Prevalent Sexual Misconduct, Sources Claim
BBC BBC

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FDIC Under Scrutiny: US Probe Exposes Prevalent Sexual Misconduct, Sources Claim

The Federal Deposit Insurance Corporation (FDIC) faces a significant challenge following an independent report commissioned by the top bank regulator. The report, authored by law firm Cleary Gottlieb after a five-month investigation, revealed widespread sexual harassment and other misconduct within the agency.

According to sources familiar with the matter, more than 500 individuals reported misconduct, most of them current FDIC employees. Additionally, the investigation found evidence of widespread retaliation against employees who complained about supervisor misconduct, with little evidence that such retaliation was addressed.

FDIC Chair Martin Gruenberg acknowledged the severity of the findings and described the report as “sobering” in a statement to staff. He took responsibility for everything that happened at the agency and apologized for any shortcomings, expressing regret for the painful experiences reported by staff.

The probe was initiated following reports by the Wall Street Journal last year alleging long-standing sexual harassment and misconduct within the FDIC, some of which went unaddressed by senior leaders. Gruenberg himself was implicated in decisions that allegedly failed to punish misconduct.

The report’s release is expected to pressure Gruenberg, who has faced calls from Republicans to step down. His departure could have significant implications for the Biden administration’s financial regulatory agenda, including efforts to impose stricter financial rules. If Gruenberg were to step down or be removed, FDIC Vice Chair Travis Hill, a Republican, would assume leadership, resulting in an evenly split board between Republicans and Democrats.


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