Politics

Tim Scott Can Hold ‘Bankers Gone Wild’ Accountable

“Senator Scott should ask Chairman Gruenberg why he hasn’t resigned – or been fired already.”

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by RICK MANNING

‘Drunken debauchery, creepy conversations, and an all-around inappropriate atmosphere.  Sounds like a frat house – but it’s the FDIC. There must be real consequences..” 

Also, “When is Martin Gruenberg’s last day? When will President Biden order his DOJ investigate the FDIC from top to bottom?”

That’s what U.S. senator Joni Ernst (R-Iowa) posted on X after the release of a scathing bombshell independent report (.pdf) outlining abuses at the Federal Deposit Insurance Corporation (FDIC), the government agency which regulates banks.

But Ernst doesn’t have to wait for Biden’s Justice Department to act.  

South Carolina’s Tim Scott is the ranking Republican on the U.S. Senate banking committee – which is where FDIC chairman Gruenberg will be testifying this Thursday (May 16, 2024).

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Senator Scott can – and should – pick up the ball and ask the top banking regulator about his long-time leadership (he has been chairman for ten out of the past thirteen years) over an agency that an independent report commissioned by its board of directors makes look like an episode of ‘Banker’s Gone Wild.’

Senator Scott should ask Chairman Gruenberg why he hasn’t resigned – or been fired already. After all, on his first day in office president Biden promised the American people, ‘if you’re ever working with me and I hear you treat another colleague with disrespect, talk down to someone, I promise you I will fire you on the spot. On the spot. No ifs or buts.’

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“Gruenberg personally has a history of verbally abusing employees by demonstrating a volatile temper …”

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All of the partying, sexual harassment and verbal abuse at the FDIC was occurring at the same time the banks Gruenberg oversaw were experiencing as much as $600 billion in unrealized losses after U.S. Treasuries exploded due to Bidenflation.

Senator Scott finds himself in the right place at the right time, where he can both stand up for sound bank management from federal regulators – while holding the FDIC chairman accountable for fostering an environment that might have been acceptable in the television show Mad Men but not in the real world.

The independent report, ordered by the Special Review Committee of the FDIC’s Board of Directors in response to employee complaints about abuses at the bank regulator, paints a damning picture of the culture fostered by Gruenberg charging, “the FDIC has failed to provide a workplace safe from sexual harassment, discrimination, and other interpersonal misconduct.”  

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The report specifically found that beyond creating an atmosphere of extremely bad behavior, Gruenberg personally has a history of verbally abusing employees by demonstrating a volatile temper. 

Senator Scott has the chance to hold the FDIC chairman accountable. He has a chance to stand against blatant abuses of power by this political appointee against civil service personnel who were simply seeking to keep our banking system safe. America needs a competent bank regulatory agency that just does its job, not a ‘frat house’ filled with intimidated employees.  

Senator Tim Scott should take the opportunity to repeat his colleague, Joni Ernst’s recent refrain by asking, “When is Martin Gruenberg’s last day?” 

And demand that it be today!

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ABOUT THE AUTHOR …

Rick Manning is a long-time contributor to FitsNews and president of Americans for Limited Government. For information go to: www.getliberty.org.

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