The head of the Federal Deposit Insurance Corp. told lawmakers on Tuesday that his agency had launched an investigation into reports of misogynistic culture among bank examiners that prompted women to quit the agency.
FDIC Chairman Martin Gruenberg said the agency had no tolerance for the alleged misconduct in its workplace, which was detailed in a Wall Street Journal article on Monday. The newspaper’s investigation found that female examiners left the FDIC after facing what the article described as a “sexualized, boys’ club environment,” and because they said they were given fewer opportunities than male colleagues.
“I am personally disturbed and deeply troubled by this report,” Gruenberg told the Senate Banking Committee. “The FDIC is conducting a comprehensive review, including engaging an independent third party to ensure that we understand the nature of these issues and take all appropriate actions to address them.”
Earlier on Tuesday, key House Republican lawmakers demanded that the FDIC’s Office of the Inspector General “expeditiously provide a briefing on the FDIC’s workplace culture.” They asked for a briefing later this month.
In addition to Gruenberg, Tuesday’s hearing will also feature the top banking watchdogs at the Federal Reserve and Office of the Comptroller of the Currency.
Lawmakers are likely to home in on ambitious efforts by the three agencies to implement reforms to this year’s banking turmoil, including one that would demand banks fatten reserves of capital, forecast detailed resolution plans, step up contingency funding strategies, and bolster levels of long-term debt.
