Free Trial

Biden to nominate Christy Goldsmith Romero as FDIC chair after abrupt departure of predecessor

The Federal Deposit Insurance Corporation seal is shown outside its headquarters, March 14, 2023. The White House announced Thursday, June 13, 2024, that President Joe Biden will nominate Christy Goldsmith Romero to replace Martin Greunberg as head of the FDIC. (AP Photo/Manuel Balce Ceneta, File)

NEW YORK (AP) — President Joe Biden will nominate Christy Goldsmith Romero to replace Martin Gruenberg as head of the Federal Deposit Insurance Corporation.

The announcement from the White House on Thursday came after Gruenberg’s tenure became marred by allegations of workplace abuse that led to him to resign.

A longtime financial regulator, Goldsmith Romero is currently a commissioner at the Commodity Futures Trading Commission, the nation’s financial derivatives regulator. She previously worked with the Department of Treasury and was part of the team that handled the Troubled Asset Relief Program, which lent $700 billion to troubled banks during the 2008 financial crisis. She also is a law professor at Georgetown University.

Her previous nominations to the nation's financial regulators were unanimously confirmed by the Senate.

“She has proven herself to be a strong, independent, and fair regulator who is not afraid to do what’s right," said Sen. Sherrod Brown, D-Ohio and chair of the Senate Banking Committee, in a statement.

Gruenberg last month said he would resign from the FDIC, after an independent report by law firm Cleary Gottlieb Steen & Hamilton found incidents of stalking, harassment, homophobia and other violations of employment regulations, based on more than 500 complaints from employees.

Complaints included a woman who said she was stalked by a coworker and continually harassed even after complaining about his behavior; a field office supervisor referring to gay men as “little girls;” and a female field examiner who described receiving a picture of an FDIC senior examiner’s private parts.

Republicans have been calling for Gruenberg to step down since the allegations emerged late last year. The White House and Gruenberg resisted those calls partly because the FDIC is led by a five member board, and his resignation would pass control of the agency to the FDIC's vice chair, who is a Republican. Gruenberg's resignation would not be official until Goldsmith Romero nomination is finalized.

“FDIC employees deserve a safe workplace that allows them to focus on their important mission to safeguard our country’s financial security. Unfortunately, under the leadership of Chairman Gruenberg, that hasn’t been the case,” said Sen. Tim Scott, the ranking Republican on the Banking Committee, in a statement.

The FDIC is one of several U.S. banking system regulators. The Great Depression-era agency is best known for running the nation’s deposit insurance program, which insures Americans’ deposits up to $250,000 in case their bank fails.

Where Should You Invest $1,000 Right Now?

Before you make your next trade, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis.

Our team has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and none of the big name stocks were on the list.

They believe these five stocks are the five best companies for investors to buy now...

See The Five Stocks Here

The 10 Best AI Stocks to Own in 2025 Cover

Wondering where to start (or end) with AI stocks? These 10 simple stocks can help investors build long-term wealth as artificial intelligence continues to grow into the future.

Get This Free Report
Like this article? Share it with a colleague.

Featured Articles and Offers

Recent Videos

5 Stocks to BUY NOW in May 2025
3 Stocks Offering Rare Generational Buying Opportunities
Make Your Money Work Harder: The Power of Dividend Investing

Stock Lists

All Stock Lists

Investing Tools

Calendars and Tools

Search Headlines