Thursday, June 20, 2024

CFTC’s Goldsmith Romero emerges as front-runner to head FDIC – report

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Entrance to The Federal Deposit Insurance Corporation (FDIC) in Washington DC.

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The White House is close to nominating Christy Goldsmith Romero to replace Martin Gruenberg as head of the Federal Deposit Insurance Corp., the bank regulator that was rocked by an investigation revealing years of toxic workplace culture under Gruenberg’s watch, according to a media report.

A Democratic member of the Commodities Futures Trading Commission, Goldsmith Romero is known as a manager and reformer. Other potential candidates include Kristin Johnson, another CFTC commissioner, and Sandra Thompson, who heads the Federal Housing Finance Agency, the Wall Street Journal reported on Tuesday.

Goldsmith Romero was a special inspector general at the Troubled Asset Relief Program at the Treasury Department before she joined the FDIC in 2022. She has been confirmed by the Senate for two different roles, the WSJ noted. Still, President Joe Biden hasn’t made a final decision on the nomination.

Whoever takes the helm at the regulator will be charged with cleaning up the agency after an external law firm confirmed a WSJ investigation that found widespread sexual harassment and misconduct at the FDIC.

Tuesday’s article noted that any confirmation would have to move quickly, as Senator Sherrod Brown, who heads the Senate Banking Committee, wants the process complete before the November election.

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