Press Releases

McHenry: Chairman Gruenberg Has a Lot of Explaining to Do
Announces Investigation by Financial Services Committee Republicans

Washington, November 16, 2023 -

Today, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), issued the following statement regarding allegations of widespread and entrenched misconduct within the Federal Deposit Insurance Corporation (FDIC), including by Chairman Martin Gruenberg.
“Chairman Gruenberg has a lot of explaining to do. Yesterday, he initially misled the Committee regarding an investigation into his own alleged misconduct,” said Chairman McHenry. “In light of the most recent reporting from the Wall Street Journal, his subsequent clean up job was a clear understatement.
“Under his leadership, the FDIC is at best preoccupied with this sideshow and at worst compromised. Chair Gruenberg clearly bears responsibility as these allegations occurred during his tenure as either a board member or Chairman. There is no excuse for this alleged behavior, which is why the Inspector General must brief the Committee as soon as possible.
“The Committee will conduct a rigorous investigation including hearings, oversight, and transcribed interviews. It’s clear Mr. Gruenberg never should have been reappointed or confirmed in the first place.”
Watch Chairman McHenry’s exchange with Chair Gruenberg at yesterday’s hearing  here.
Watch Chair Gruenberg’s subsequent correction of his testimony here.
On November 14, 2023, Chairman McHenry, Oversight and Investigations Chairman Bill Huizenga (MI-04), and Financial Institutions and Monetary Policy Chairman Andy Barr (KY-06) demanded the FDIC Office of Inspector General (OIG) expeditiously brief the Committee regarding the agency’s workplace culture.


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