Patrick McHenryChairman

Today, House Financial Services Committee Chairman Patrick McHenry (NC-10), sent letters to Federal Deposit Insurance Corporation (FDIC) Chair Martin Gruenberg, as well as Acting Comptroller of the Currency Michael Hsu and FDIC Director Johnathan McKernan in their capacity as Co-Chairs of the Special Committee of the FDIC. Chairman McHenry is demanding they—along with a representative from Cleary Gottlieb—appear before the Committee to testify following an independent, apolitical report confirmed accounts of widespread and entrenched misconduct at the FDIC.

The House Financial Services Committee will hold a two-panel hearing on Wednesday, June 12, 2024, at 10:00 am in 2128 Rayburn to specifically address the findings of the Cleary Gottlieb report. Director McKernan, Acting Comptroller Hsu, and a representative from Cleary Gottlieb will testify on the first panel and Chairman Gruenberg will testify on the second panel. The Cleary Gottlieb report outlines a toxic workplace culture at the agency, as well as verbally abusive behavior by Chair Martin Gruenberg. Republicans on the House Financial Services Committee are leading the charge to hold Chair Gruenberg—who remains Chair of the FDIC despite announcing his intent to resign—to account for these long-standing problems, and to better understand how he is implementing the recommendations from Cleary Gottlieb.

Read Chairman McHenry’s letter to Chair Gruenberg here.

Read Chairman McHenry’s letter to Acting Comptroller Hsu and Director McKernan here.