Oversight of the FDIC’s Failed Leadership and Toxic Workplace Culture (EventID=117412)

Connect with the House Financial Services Committee
Get the latest news: https://democrats-financialservices.h...
Follow us on Facebook:   / housefinancialcmte  
Follow us on Twitter:   / fscdems  
___________________________________

On Wednesday, June 12, 2024, at 10:00 a.m. (ET) full Committee Chairman McHenry and Ranking Member Waters will host a hearing entitled, “Oversight of the FDIC’s Failed Leadership and Toxic Workplace Culture."

___________________________________
Witnesses for this one-panel hearing will be:

• Mr. Michael Hsu, Co-Chair, Special Committee of the Federal Deposit Insurance Corporation

• The Honorable Jonathan McKernan, Co-Chair, Special Committee of the Federal Deposit Insurance Corporation

• Mr. Joon H. Kim, Partner, Cleary Gottlieb Steen & Hamilton LLP

• Ms. Abena Mainoo, Partner, Cleary Gottlieb Steen & Hamilton LLP

___________________________________


This hearing will examine the independent, third-party report conducted by Cleary Gottlieb Steen & Hamilton LLP (Cleary Gottlieb), overseen by the Federal Deposit Insurance Corporation’s (FDIC) Special Committee. The Committee will additionally review the findings and recommendations of the report and the FDIC’s approach to addressing the toxic workplace culture found at the agency

Background

In November 2023, the Wall Street Journal published multiple articles detailing pervasive harassment and misconduct at the FDIC, from field offices to the Chairman’s office. Following the reports, the FDIC created a Special Committee to oversee an independent review of the agency’s workplace culture. On May 7, 2024, the FDIC publicly released Cleary Gottlieb’s report on the agency. The Committee is investigating the misconduct and toxic work environment at the FDIC and its impact on the agency’s ability to carry out its statutory duty of ensuring the safety and soundness of the banking system.


Hearing page: https://democrats-financialservices.h...