Rep. Patrick T. McHenry | House.gov
Rep. Patrick T. McHenry | House.gov
North Carolina State Representative Patrick McHenry has called for the immediate resignation of Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg. McHenry cited Gruenberg's failures and emphasized the need for new leadership at the FDIC in a statement made on May 15 via a post on X.
"Chairman Gruenberg must resign immediately," said Patrick T. McHenry. "He has failed his employees, his agency, and the American people. The @FDICgov needs real leadership and the misconduct of Chair Gruenberg has made it abundantly clear that he is unfit to lead."
Last week, Cleary Gottlieb, a law firm, published an independent report validating extensive misconduct within the FDIC. The report described a toxic work environment and detailed Chair Gruenberg's verbally abusive conduct. According to a press release by the Financial Services Committee, Republicans on the House Financial Services Committee are spearheading efforts to address these longstanding issues by calling for Gruenberg's resignation. He has overseen the FDIC for a significant portion of the past thirteen years.
Rep. McHenry's x post
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"It’s time for Chair Gruenberg to step aside. The independent report released today details his inexcusable behavior and makes clear new leadership is needed at the FDIC," said McHenry, according to a press release by the Financial Services Committee.
The FDIC, established by Congress, operates independently to ensure stability and public trust in the U.S. financial system. Its responsibilities include insuring deposits, overseeing financial institutions for safety and consumer protection, facilitating the resolution of large financial entities, and managing failed banks' receivership.
McHenry currently represents North Carolina's 10th Congressional District, encompassing parts of nine counties in the state. Serving his tenth term, he holds the position of Chairman of the House Financial Services Committee in the 118th Congress. Previously, McHenry served as Republican Leader and Vice Chairman of the committee.
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