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Biden's Nominee for FDIC Faces Scrutiny from Senate Republicans

2024-07-11 17:57:51.407000

Christy Goldsmith Romero, the Biden administration's nominee to lead the Federal Deposit Insurance Corp (FDIC), is facing scrutiny from Senate Republicans on the Banking Committee. They are concerned about her policy positions during her time at the Commodity Futures Trading Commission (CFTC), which they view as too far to the left. If confirmed, Goldsmith Romero would prioritize overhauling the FDIC's workplace culture and holding individuals accountable for misconduct. She has a track record of investigating and prosecuting bankers for fraud and abuse of public funds during her tenure at the Office of the Special Inspector General for the Troubled Asset Relief Program. Goldsmith Romero's focus on accountability for executives and boards of directors is expected to carry over to the FDIC. She has also been involved in key policy issues such as digital assets, artificial intelligence, and cybersecurity during her time at the CFTC. The Senate confirmation process could take months, and if approved, Goldsmith Romero will have to navigate policies that are fiercely opposed by banks, including the Biden administration's bank-capital overhaul. The FDIC has been plagued by allegations of sexual harassment, discrimination, and a toxic workplace, which Goldsmith Romero has pledged to address. She has a strong background in supervision and experience with deposit insurance and bank resolution plans. Colleagues and allies describe Goldsmith Romero as someone who addresses personnel issues and fosters a respectful workplace. She has also emphasized the importance of diversity within government and has a track record of prosecuting individuals involved in the financial crisis [ed268b09].

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