Workplace culture reforms spawned by allegations of sexual harassment at the federal bank deposit insurance agency will no longer be overseen by an independent monitor, the agency said late Wednesday, asserting that the monitor’s work had concluded.
The Federal Deposit Insurance Corp (FDIC) said the conclusion of the work of independent monitor Carrie H. Cohen of Morrison & Foerster LLP, retained by the FDIC Board of Directors in 2024 to independently monitor and audit the agency’s implementation of workplace culture reforms, was over. The agency, in a statement, said Cohen’s work “played a pivotal role in providing oversight and engaging with the workforce” as the agency implemented reforms outlined in a 2023 report to the agency.
Those reforms – outlined in a report by outside firm Cleary Gottlieb Steen & Hamilton LLP – were aimed at ending sexual harassment claims, which were made in 2023 at the agency.
“Two and a half years ago, the Cleary Gottlieb report found that ‘for far too many employees and for far too long, the FDIC has failed to provide a workplace safe from sexual harassment, discrimination, and other interpersonal misconduct’ and that ‘a patriarchal, insular, and risk-averse culture has contributed’ to such conditions. Since then, we have taken dramatic steps to transform the agency’s culture, and the conclusion of the independent monitorship is an important milestone in these efforts,” Chairman Travis Hill said in the statement.
FDIC Announces Conclusion of Independent Monitorship
Leave a Reply