From Investing.com: 2024-11-19 13:31:16

FDIC Chairman Martin Gruenberg announces retirement effective Jan. 19, allowing Trump to appoint new leadership. Gruenberg, a Democrat and critic of Wall Street, has been at the FDIC for nearly two decades. His departure comes amid expected bank regulation changes under Trump and follows a report on agency misconduct.

Gruenberg’s decision to retire accelerates Trump’s plan to cut regulations. He has vowed to address cultural issues at the FDIC following a damning external review. The Senate has yet to confirm his successor, Christy Goldsmith Romero, with top Republican Tim Scott urging Biden to withdraw her nomination.

Despite his term lasting until 2028, Gruenberg’s resignation avoids a potential clash with Trump over workplace issues. Vice Chair Travis Hill, a Republican, is set to temporarily replace Gruenberg. Hill is also being considered for the permanent position, according to Reuters.

Gruenberg, the longest-serving board member in FDIC history, has served as chair twice under Obama and Biden. He and other bank regulators are scheduled to testify before Congress on Wednesday.



Read more at Investing.com: US bank regulator Gruenberg to retire in January, clearing way for Trump picks By Reuters