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House Republicans want the chairman of the FDIC to resign.

PoliticsHouse Republicans want the chairman of the FDIC to resign.

The House Financial Services Committee held a hearing on Wednesday, May 15.

The chairman of the House Financial Services Committee called for the resignation of the chairman of the FDIC at a hearing on Wednesday. The job of Gruenberg, the leader of the banking agency, is on the line after a damning investigation that found widespread sexual harassment and a toxic workplace culture. "The fact that you haven't resigned proves that you don't take responsibility for your actions and the words you've used so far," he said. "Showing up today is not an act of bravery," he said. Republicans mentioned that regulators at the FDIC wouldn't tolerate the kind of behavior outlined in the investigation at a bank. "Mr. Gruenberg, you have become a synonym for Michael Cohen and Harvey Weinstein," said the congressman. Democrats on the committee expressed disappointment in Gruenberg but stopped short of calling for his resignation. "If I'm going to be honest, I'm pissed that I haven't talked about the substance of the economy," said the congressman. The law firm led the investigation. Many of the employees who spoke with the report said that they were afraid of being retaliated against because of their sexual harassment experiences. The agency had already "separated" four employees this year who had engaged in misconduct, according to Gruenberg, who said that the good old boys network was at the core of the report. In his opening statement, Gruenberg apologized for the culture at the agency under his watch and told lawmakers that the FDIC is already adopting recommendations. "I take full responsibility for the findings of the report and I accept the fact that an independent Office of Professional Conduct is proposed by the FDIC," he said. I want to apologize to anyone who has been a victim of sexual harassment at the FDIC.

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