FDIC chair testifies before Congress over agency misconduct

Federal Deposit Insurance Corporation Chair Martin Gruenberg faced a series of questions from the House Financial Services Committee regarding the toxic environment, sexual harassment, and misconduct found to be inherent in the FDIC workplace. Gruenberg said he takes "full responsibility" in a statement before Congress.

Yahoo Finance's Jennifer Schonberger recaps the key moments from Gruenberg's testimony as lawmakers push for the FDIC chair to resign from his position.

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This post was written by Luke Carberry Mogan.

Transcription de la vidéo

Financial Regulators testified before the House Financial Services Committee on Financial Oversight and FT IC Chairman Martin Gruenberg took the hot seat amid a workplace behavior scandal.

Let's get to Yahoo Finance's Jennifer Schonberger.

Uh really he has been coming under some pretty heavy fire.

Indeed, Julie FDIC chair Martin Gruenberg rebuffed bipartisan calls today to resign during a heated nearly four hour hearing before the house over a third party report revealing a toxic workplace riddled with widespread sexual harassment, bullying and misconduct.

Gruenberg accepted responsibility but refused to step down.

I take full responsibility to anyone who has experienced sexual harassment, discrimination or other misconduct at the FDIC.

I again personally want to apologize and express how deeply sorry I am.

I also acknowledge my own failures as chairman both in failing to recognize how my temperament and meetings impacted others and for not having identified the deeper cultural issues at the FDIC sooner.

Both Republicans and Democrats slammed Gruenberg for failing to rein in misconduct, repeatedly calling on him to resign House Financial Services Committee chair Patrick mchenry told Gruenberg he didn't think he's the right person to fix the toxic workplace culture at the FDIC.

Uh you failed your employees, your agency and the American people.

The fact that you've not yet resigned proves that you take no responsibility for your actions.

And the words that you've used so far also make it clear, you take no responsibility for your actions.

And let me be clear, showing up today is not an act of courage.

It's an act of hubris.

Democratic Congressman, Richie Torres asked Gruenberg if their roles were reversed, would he tell him to resign?

To which Gruenberg said no.

Meanwhile, Democratic Congressman Greg Meeks from New York said he was quote, pissed off noting that not a single violation of misconduct resulted in a removal or reduction in pay grade.

Meeks said quote, if it was me in my office, I'd probably be run out.

Thursday.

Gruenberg will face a second round of questioning this time before the US Senate where ranking member Tim Scott has already called for his resignation guys.

Thank you, Jennifer.

Appreciate it.