President Biden announced Thursday that he intends to nominate Christy Goldsmith Romero as chair of the Federal Deposit Insurance Corporation.

If confirmed, she will replace Martin Gruenberg, who announced last month he will step down following allegations of a toxic workplace. 

What You Need To Know

  • President Biden announced Thursday he intends to nominate Christy Goldsmith Romero to lead the Federal Deposit Insurance Corporation

  • Current FDIC Chair Martin Gruenberg said in May he would step down

  • A report found a toxic work culture at the FDIC, including sexual harassment

  • Romero has served as commissioner of the Comodity Futures Trading Commission since March 2022 and worked at the Treasury Department for 12 years

In a statement, the president called out Romero’s 20 years of experience as a federal attorney and financial regulation leader who had served under four presidents, saying, “she promotes financial stability and market resiliency, integrity and vibrancy.”

The FDIC is responsible for protecting the money people place in federally insured banks if they fail.

Romero has been commissioner of the Commodity Futures Trading Commission since March 2022. Previously, she served for 12 years with the Treasury Department, where she oversaw the Troubled Asset Relief Program that was set up in the aftermath of the 2008 financial crisis to stabilize the financial system.

In May, FDIC chair Martin Gruenberg said he would leave the job after a report outlined a toxic work culture at the agency, alleging it was misogynistic, patriarchal and a boys club. Hundreds of workers alleged sexual harassment and other misconduct at the agency. Gruenberg has served in various roles at the FDIC since 2005.