Waukesha Times

Wisconsin State Representative Scott Fitzgerald has reiterated his call for FDIC Chairman Martin Gruenberg to resign, citing a "toxic work environment" and an alleged prioritization of "politics over agency credibility." Fitzgerald's remarks were made in a November 19 post on the social media platform X.

"I've called on Chair Gruenberg to resign on numerous occasions with my @FinancialCmte colleagues," said Fitzgerald. "Gruenberg has a documented record of creating a toxic work environment at FDIC. New leadership can't come soon enough to fix his decisions to put politics over agency credibility."

According to Reuters, Martin Gruenberg, who has been a senior leader at the Federal Deposit Insurance Corporation (FDIC) for nearly two decades, will retire on January 19. This development paves the way for President-elect Donald Trump to appoint new leadership to the agency. Gruenberg is known as a Democrat and a critic of Wall Street.

Rep. Fitzgerald's post | X

The Financial Services Committee Republicans released their final staff report on November 19, 2024. The report outlines allegations of toxic workplace culture, misconduct, and harassment under Gruenberg's leadership at the FDIC. On November 20, Oversight and Investigations Subcommittee Chairman Bill Huizenga and Financial Institutions and Monetary Policy Subcommittee Chairman Andy Barr introduced H.Res. 1574. This resolution calls for Gruenberg’s immediate removal and is co-sponsored by all Committee Republicans.

The FDIC was established by Congress as an independent entity to ensure stability and public trust in the U.S. financial system. Its responsibilities include insuring deposits, overseeing financial institutions for safety and consumer protection, facilitating the resolution of large financial entities, and managing failed banks' receivership.

Fitzgerald represents Wisconsin’s Fifth Congressional District in the U.S. House of Representatives. He previously served in the Wisconsin State Senate from 1995 to 2021 in roles such as Majority Leader and Minority Leader. He graduated from Hustisford High School and earned a Bachelor of Science degree from the University of Wisconsin-Oshkosh. Fitzgerald also served in the U.S. Army Reserve for 27 years before retiring as a Lieutenant Colonel.