Senate Banking Committee Holds Relatively Smooth Hearing for FDIC Nominee Christy Goldsmith Romero

Last week, Christy Goldsmith Romero appeared before the Senate Banking Committee for her confirmation hearing as President Biden’s nominee to take the reins of the Federal Deposit Insurance Corp (FDIC) from scandal-plagued Chairman Martin Gruenberg. During her testimony, the current Commodity Futures Trading Commission (CFTC) member pledged to change the environment of the FDIC which has been rocked with accusations of sexual misconduct and other issues.

“I would prioritize a complete overhaul of the FDIC’s workplace culture,” Romero said, according to Roll Call. She said she would modernize the agency’s internal operations, motivate staff who display a positive work culture, and encourage complaints to continually improve the FDIC. “It must not continue, and I will bring accountability,” she stated. 

Her testimony drew positive feedback from most Democrats and some Republicans, but several of the latter complained about different aspects of Romero’s candidacy. The New York Times noted that many Republicans called for Martin Gruenberg, current FDIC chair and a Democrat, to resign and let Travis Hill, FDIC vice chair and Republican, take over the agency.

Senator Tim Scott (R-N.C.), ranking member of the Senate Banking Committee, expressed that Romero has little experience with prudential policymaking and bank supervision, according to Banking Dive. “The next chair needs to be prepared to lead,” he said.

Prior to her time at the CFTC, Romero spent twelve years at the Treasury Department, and led the Office of the Special Inspector General for the Troubled Asset Relief Program, overseeing a crackdown on Wall Street bankers after the 2008 financial crisis.