FDIC Chair Says He'll Resign Following Toxic Workplace Controversy

Martin Gruenberg, who has served as chairman, vice chairman, and director since August 2005, will step down once a successor is confirmed.

Federal Deposit Insurance Corporation Chairman Martin Gruenberg testifies before the Senate Banking, Housing and Urban Affairs Committee in Washington, on March 28, 2023. Win McNamee/Getty Images

Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg announced his resignation on May 20 and agreed to step down once a successor is confirmed, succumbing to a months-long scandal over allegations of a toxic workplace culture at the regulator.

After a 200-page report detailing “sexual harassment, discrimination, and other interpersonal misconduct” at the banking regulator was released on May 7, House and Senate lawmakers demanded that Mr. Gruenberg resign as FDIC chairman.