FDIC Chairman Martin Gruenberg Won’t Oversee Malpractice Investigation

The Board of Directors of the Federal Deposit Insurance Corp. is forming a special committee to oversee an independent review of the agency’s corporate culture, the agency announced Tuesday, limiting the ability of the rest of the board, including the president, to influence the investigation.

The special committee, created by a unanimous vote of the board, will be led by Republican Jonathan McKernan, who was confirmed to the board by the Senate late last year, and Democrat Michael Hsu, who has served as Acting Comptroller of the Currency and FDIC Board Member since 2021.