476:. In these hearings, the Chairman was criticized by both Republicans and Democrats for his personal conduct and his failure to see larger workplace culture issues sooner at the FDIC. Chair Gruenberg said he read and accepted the Cleary Gottlieb report. On the matter of his personal conduct, he maintains that while he may have been harsh with staff, he has always endeavored to treat all FDIC employees with courtesy and respect. The Cleary Gottlieb report noted that Chair Gruenberg felt there was a disconnect between his actions and others' perceptions of his actions. After being questioned on the matter by Representatives
465:
Chair
Gruenberg as a calm and professional leader, it states that many others described him as “aggressive,” “harsh,” “emotional,” “upset,” “unhappy,” “agitated,” “vitriol,” “prosecutorial,” “disrespectful,” “intense,” "bombastic," "verbally abusive," "out of control," having “raising his voice,” or having a “short fuse”. The report notes that when he has received bad news, employees say that Chair Gruenberg had thrown reports that he has been presented with, yelled and cursed at employees, and threatened to fire staff.
33:
484:, the Chairman agreed to pursue an anger management course and seek counseling. While many Congressmen have called for him to resign or for President Biden to remove him from office, Chair Gruenberg has asserted that he is committed to leading and transforming the FDIC. However, on May 20, 2024, Martin Gruenberg announced he would be prepared to step down once a successor is confirmed.
448:, Gruenberg served as acting chairman for a third time beginning on February 5, 2022. Biden nominated Gruenberg for a second full term in November 2022, and the nomination was confirmed by the Senate on December 19, 2022. Gruenberg was sworn in for his second Senate-confirmed term as chairman on January 5, 2023.
455:
published an article in
November 2023 detailing widespread sexual harassment, racial discrimination, and other misconduct issues at the FDIC. Following this article, the FDIC and Chair Gruenberg created an action plan to address the situation. The agency retained the law firm of Cleary Gottlieb Steen
464:
The report includes a section that specifically addresses Chair
Gruenberg's temperament and behavior. It notes that there was a 2008 investigation into then Vice Chair Gruenberg's conduct after he "berated a female employee". While the Cleary Gottlieb report noted that some FDIC employees described
460:
was released in May 2024. It found 485 allegations of sexual harassment, sexual assault, racial discrimination, and other forms of misconduct. The report noted that employees described the FDIC's workplace culture as “misogynistic,” “patriarchal,” “insular,” and “outdated”.
421:
from July 9, 2011 to
November 28, 2012. In 2011, Obama nominated Gruenberg for a full five-year term as chairman, and was confirmed by the Senate on November 15, 2012. He served as chairman of the FDIC from November 28, 2012 to June 5, 2018. During this period,
405:
From the beginning of his tenure on the board until his first Senate confirmation as chairman in 2012, Gruenberg served as the Senate-confirmed vice chairman. He served as acting chairman under
President
473:
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383:(Senate Banking Committee) from 1993 to 2005. He also served as Staff Director of the Banking Committee's Subcommittee on International Finance and Monetary Policy from 1987 to 1992.
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652:"On the Nomination (Confirmation: Martin J. Gruenberg, of Maryland, to be a Member of the Board of Directors of the Federal Deposit Insurance Corporation)"
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895:"Oversight of U.S. Financial Regulators: Accountability and Financial Stability | United States Committee on Banking, Housing, and Urban Affairs"
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343:(FDIC) since 2023. Gruenberg previously served as FDIC chairman from 2012 to 2018; as well as on an acting basis from 2005 to 2006 and 2011 to 2012.
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909:"FDIC Chair Martin Gruenberg will resign following a scathing investigation that detailed a toxic workplace | CNN Business"
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800:"Martin J. Gruenberg Sworn in as 22nd FDIC Chairman Travis Hill Sworn in as Vice Chairman, Jonathan McKernan as Director"
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456:& Hamilton LLP (Cleary Gottlieb) to conduct an independent investigation into its workplace culture. The final
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On May 15-16, 2024, Chair
Gruenberg, along with two other financial regulators, appeared in hearings before the
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on July 29, 2005 by voice vote, on March 29, 2012 by voice vote, and on
December 19, 2022 by a vote of 45–39.
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for the pressuring of banks to shut down the accounts of legal industries accessing banking services.
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Gruenberg has served on the FDIC Board of
Directors since August 22, 2005, with confirmations by the
728:"The Department of Justice's 'Operation Choke Point': Illegally Choking Off Legitimate Businesses?"
775:"PN2693 — Martin J. Gruenberg — Federal Deposit Insurance Corporation 117th Congress (2021-2022)"
702:"PN673 — Martin J. Gruenberg — Federal Deposit Insurance Corporation, 112th Congress (2011-2012)"
677:"PN752 — Martin J. Gruenberg — Federal Deposit Insurance Corporation, 109th Congress (2005-2006)"
627:"PN674 — Martin J. Gruenberg — Federal Deposit Insurance Corporation, 112th Congress (2011-2012)"
602:"PN759 — Martin J. Gruenberg — Federal Deposit Insurance Corporation, 109th Congress (2005-2006)"
577:"PN753 — Martin J. Gruenberg — Federal Deposit Insurance Corporation, 109th Congress (2005-2006)"
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823:"Strip Clubs, Lewd Photos and a Boozy Hotel: The Toxic Atmosphere at Bank Regulator FDIC"
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In
December 2019, he became the longest-serving director in FDIC history, surpassing
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took place. The FDIC and
Department of Justice settled multiple lawsuits related to
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https://www.fdic.gov/sites/default/files/2024-05/cleary-report-to-fdic-src.pdf
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Before joining the FDIC Board, Gruenberg served as senior counsel to Senator
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Gruenberg served as chairman of the executive council and president of the
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339:(born April 1, 1953) is an American attorney who has been chairman of the
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841:"Special Committee Provides Update on Third-Party Review | FDIC"
763:"ABA Daily Newsbytes". American Bankers Association. January 2, 2020.
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from November 16, 2005 to June 26, 2006, until the confirmation of
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Princeton School of Public and International Affairs alumni
737:. U.S. House of Representatives. p. 11. Archived from
551:"CWRU Law Alum Martin Gruenberg Sworn In as FDIC Chairman"
913:
417:
Gruenberg also served as acting chairman under President
357:
Woodrow Wilson School of Public and International Affairs
802:. Federal Deposit Insurance Corporation. January 5, 2023
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House of Representatives Committee on Financial Services
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Senate Committee on Banking, Housing, and Urban Affairs
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Senate Committee on Banking, Housing, and Urban Affairs
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Case Western Reserve University School of Law alumni
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Chairs of the Federal Deposit Insurance Corporation
507:"FDIC: Board of Directors & Senior Executives"
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555:School of Law | Case Western Reserve University
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388:International Association of Deposit Insurers
361:Case Western Reserve University School of Law
735:Committee on Oversight and Government Reform
394:Federal Deposit Insurance Corporation (FDIC)
166:November 16, 2005 – June 26, 2006
72:Acting: February 5, 2022 – January 5, 2023
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46:Federal Deposit Insurance Corporation
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351:Gruenberg received an A.B. from
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1078:Obama administration personnel
726:Issa, Darrell (May 29, 2014).
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458:Cleary Gottlieb report
379:) on the staff of the
337:Martin James Gruenberg
25:Martin James Gruenberg
428:Operation Choke Point
424:Operation Choke Point
353:Princeton University
311:Princeton University
821:Ballhaus, Rebecca.
744:on December 6, 2014
453:Wall Street Journal
441:from 1938 to 1953.
944:Political offices
557:. January 10, 2023
531:. February 5, 2022
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412:Sheila Bair
259:Preceded by
199:Sheila Bair
182:Preceded by
142:Sheila Bair
137:Preceded by
88:Preceded by
1047:Categories
1000:2011–2018
968:2005–2006
806:January 5,
509:. FDIC.gov
488:References
301:Democratic
285:1953-04-01
1036:Incumbent
561:March 12,
446:Joe Biden
363:in 1979.
347:Education
307:Education
252:Joe Biden
236:President
216:Incumbent
171:President
112:President
101:In office
81:Joe Biden
77:President
55:Incumbent
964:Acting
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400:Senate
367:Career
162:Acting
126:Deputy
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279:Born
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