Top Democrat calls for Biden to replace FDIC chairman to fix agency’s ‘toxic culture’

By KEN SWEET
AP Business Writer

NEW YORK (AP) — The most powerful Democrat in Congress on banking and financial issues called for President Joe Biden to replace the chairman of the Federal Deposit Insurance Corp. on Monday, saying the agency is broken and there must be “fundamental changes at the FDIC.” This follows a damning report about the agency’s toxic workplace culture was released earlier this month and the inability of FDIC Chair Martin Gruenberg to convince Congress in testimony last week that he is able to turn the agency around despite the report saying Greunberg himself was often the source of the problems.