Ranking Democrat Suggests Biden Fire FDIC Chair
The Facts
US Sen. Sherrod Brown (D-Ohio) Monday suggested that Pres. Joe Biden remove Federal Deposit Insurance Corporation (FDIC) chairman Martin Gruenberg amid accusations Gruenberg enabled a "toxic culture" at the agency.
Brown, the top-ranking Democrat on the Senate Banking Committee, in a statement said "there must be fundamental changes at the FDIC," beginning with "new leadership."
The Spin
Republican narrative
Gruenberg should resign immediately and Democrats should prioritize doing the right thing over politics and joining Republicans in calling for him to step down. Democrats have called for numerous officials to be fired or to resign over similar improprieties, and Gruenberg's status as a Democrat shouldn't protect him.
Democratic narrative
In an ideal world, Gruenberg would be replaced, but political logistics make the move risky. Regardless of how quickly the Senate acts, it could be months to name his replacement. This could leave the FDIC in a weak position to promote key reforms during a time of banking uncertainty.