Watch: House convenes hearing on FDIC culture as chair prepares to resign

The House Financial Services Committee held a hearing Wednesday on a report detailing a toxic workplace culture at the Federal Deposit Insurance Corp. (FDIC). In light of the report, FDIC Chair Martin Gruenberg announced he will resign pending the confirmation of his replacement.

Gruenberg apologized to his staff Tuesday after an investigation by a law firm confirmed a report that sexual misconduct, lewd behavior and retaliatory administrative practices were rampant at the federal banking regulator.

Gruenberg said the investigation undertaken by law firm Cleary Gottlieb Steen & Hamilton presented a “sobering look” inside the FDIC and that he accepted its findings and recommendations.

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