Amid press reports of harassment, more at FDIC, panel created to review agency’s workplace culture

The creation of a special committee to oversee an independent review of workplace culture at the Federal Deposit Insurance Corp. (FDIC) amid ongoing reporting on past allegations of sexual harassment and other misconduct at the agency was announced Tuesday by the agency’s board.

The agency said the committee, established unanimously by the board and apparently to have five members in all, will include co-chairs FDIC Directors Jonathan McKernan and Michael J. Hsu (who is also acting comptroller of the currency).

Hsu and McKernan, in a statement, said the review overseen by the committee will be a third-party, agency-wide review. “The co-chairs may appoint up to three additional non-voting members, likely from outside the FDIC, to join the special committee to advise and promote a diversity of views. The review will be fully independent and those conducting it will report directly and exclusively to the special committee,” the statement read.

FDIC Chairman Martin Gruenberg, in a statement, said he welcomed and supported establishment of the committee and reiterated that the committee has “full authority” to carry out its review. He added that he will “play no role” in overseeing the review.

The board resolution establishing the committee was approved Monday night, according to a statement by FDIC Vice Chairman Travis Hill. His statement said the resolution “includes several provisions that restrict the ability of FDIC management and FDIC Board members not on the Special Committee to engage with or influence the review.”

FDIC Board of Directors Establishes Special Committee to Oversee Independent Review of Agency Culture

Statement by Chairman Martin J. Gruenberg on FDIC Board Creating a Special Review Committee

Statement by Vice Chairman Travis Hill on Establishment of Special Committee to Oversee Independent Review of FDIC Workplace Culture