Biden Nominates Christy Goldsmith Romero to Replace Martin Gruenberg as FDIC Chair

Last week, President Biden nominated Christy Goldsmith Romero as the next chair of the Federal Deposit Insurance Corporation (FDIC). Goldsmith Romero, currently a commissioner on the Commodity Futures Trading Commission, is a lawyer who has spent more than 10 years weeding out fraud and other bad behavior at banks that received federal aid during the 2008 financial crisis. 

“Christy Goldsmith Romero, who has been unanimously confirmed by the Senate twice, would bring to the FDIC decades of financial services experience,” said Senator Sherrod Brown, Chairman of the Senate Banking Committee. “She has proven herself to be a strong, independent, and fair regulator who is not afraid to do what’s right.”

The New York Times emphasized that President Biden wants to quickly replace the current FDIC chair, Martin Gruenberg, who has faced reports of workplace abuse and harassment. Gruenberg said last month that he would resign, and if the Senate Banking Committee acts quickly to vote on Goldsmith Romero’s candidacy, she could become chair before the November presidential election. 

While Godsmith Romero’s chances of confirmation remain to be seen, Republicans have not thus far announced forceful opposition to her nomination. That may mean that she can garner the support needed to be confirmed.

“I will review Christy Goldsmith Romero’s nomination to ensure she has the qualities necessary to support employees, lead the FDIC through the changes it desperately needs, and return credibility to the independent agency,” said Banking Committee Ranking Member Sen. Tim Scott (R-S.C.) in a statement.

And House Financial Services Chairman Rep. Patrick McHenry (R-N.C.) said, “If confirmed, Christy Goldsmith Romero must immediately begin taking steps to reverse the toxic culture overseen by Gruenberg to rebuild trust between FDIC employees and management.”