NW Atlanta News

On May 10, 2024, Rep. Barry Loudermilk (GA-11) issued a statement in response to both the Wall Street Journal investigation and an independent report by Cleary Gottlieb. These investigations focused on allegations of a toxic work culture and widespread misconduct at the Federal Deposit Insurance Corporation (FDIC).

"The findings in this week’s Wall Street Journal article, as well as in Cleary Gottlieb’s independent review and report, are appalling and deeply troubling," said Loudermilk. He further noted that these reports confirm FDIC Chairman Martin Gruenberg’s clear failure to address the rampant sexual harassment, abuse, discrimination, and gross mismanagement that occurred throughout his tenure as head of the corporation.

Loudermilk added that "The American people expect higher standards of professionalism, integrity, and accountability from Washington regulators." He then called for Gruenberg's immediate resignation as Chair of the FDIC to ensure critical reforms are implemented to address the misconduct and workplace culture issues at the FDIC.

As head of this key bank regulatory agency for ten of the past thirteen years, Loudermilk stated that Gruenberg is solely responsible for allowing this inexcusable behavior to continue. He concluded his statement by urging his colleagues to hold Chairman Gruenberg and other senior leaders at the FDIC accountable. He also called for all banking regulators to immediately evaluate their workplace culture and agency standards to address any similar shortcomings.