President Joe Biden will reportedly propose Christy Goldsmith Romero to lead the troubled Federal Deposit Insurance Corporation (FDIC) in lieu of Martin Gruenberg.
The White House made the statement on Thursday, June 13, after claims of workplace mistreatment that tarnished Gruenberg's term and ultimately led to his resignation.
Who Is Christy Goldsmith Romero?
Goldsmith Romero has been involved in financial regulation for quite some time, according to CNBC. She is now a commissioner at the Commodity Futures Trading Commission, which is responsible for regulating financial derivatives in the country. She has also served in the Treasury Department. On top of that, she is also a law professor at Georgetown University.
The Senate duly confirmed her to positions within the nation's banking authorities on prior occasions.
In a statement, Senate Banking Committee head and Ohio Democrat Sherrod Brown praised Goldsmith Romero, calling her an independent, courageous, and fair regulator.
Investigation Into Workplace Mistreatment
A month ago, Gruenberg announced his intention to step down from his position at the FDIC. This decision followed an independent investigation by the legal firm Cleary Gottlieb Steen & Hamilton, which uncovered instances of harassment, stalking, homophobia, and other breaches of employment standards based on over 500 employee complaints.
A female field examiner recounted receiving a photo of an FDIC senior examiner's private parts; a supervisor in the field office referred to gay men as "little girls;" and a woman who claimed her coworker had stalked her even after she complained about his behavior were among the complaints.
However, until the nomination of Goldsmith Romero is completed, Gruenberg's resignation will not be considered official.
Among the regulators of the US financial system is the FDIC. Known primarily for administering the nation's deposit insurance program-which covers deposits of up to $250,000 in the event that an American bank fails-the agency was established during the Great Depression.
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