President Joe Biden nominated Christy Goldsmith Romero, a financial regulation veteran with 20 years’ experience as a federal attorney and leader under four different presidents, to succeed Martin Gruenberg as the chair of the Federal Deposit Insurance Corp. (FDIC).
Currently, Goldsmith Romero serves as a commissioner at the Commodity Futures Tradition Commission (CFTC), where she promotes financial stability and market resiliency, integrity, and vibrancy. She oversees CFTC-registered banks, brokers, exchanges, clearinghouses, funds, and commodity producers, and sponsors CFTC’s technology advisory committee.
Prior to being unanimously confirmed to the CFTC in March 2022, Goldsmith Romero served 12 years at the Department of Treasury, taught for three years as an adjunct professor or law at Georgetown University Law Center and University of Virginia law school, and served for six years at the Securities and Exchange Commission, both in the enforcement division and as counsel to two chairpersons.
Sen. Sherrod Brown (D-Ohio), chair for the Senate Committee on Banking, Housing, and Urban Affairs, praised the decision and congratulated Romero.
“Christy Goldsmith Romero, who has been unanimously confirmed by the Senate twice, would bring to the FDIC decades of financial services experience, including valuable experience as the special inspector general protecting taxpayers at the Troubled Asset Relief Program,” Brown said. “She has proven herself to be a strong, independent, and fair regulator who is not afraid to do what’s right. I call on the entire Banking and Housing Committee, Senate leadership, and the full Senate to move quickly to bring new leadership to the FDIC at this challenging time.”
Brown added congratulations to Kristin Johnson, Caroline Crenshaw, and Gordon Ito on their nominations to be assistant secretary for financial institutions for the Department of the Treasury; member of the Securities Exchange Commission; and member of the Financial Stability Oversight Council, respectively.
Senate Committee Ranking Member Tim Scott (R-S.C.) said he would review Goldsmith Romero’s nomination to ensure she is qualified to support employees and lead the FDIC through the necessary changes. In his statement, Scott referred to the reports of sexual harassment and toxic workplace culture at the FDIC that arose earlier this year. He added he hoped the new nominee will be able to return credibility to the independent agency.
“Another day with Martin Gruenberg at the helm of the FDIC is one too many,” House Committee on Financial Services Chairman Patrick McHenry (R-N.C.) said in a release. “Chair Gruenberg’s successor must be prepared to hit the ground running to implement the Cleary Gottlieb recommendations and end the egregious misconduct that has come to define the agency during his tenure.
“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,” he added. “The Senate must move forward with confirmation proceedings expeditiously to curtail Chair Gruenberg’s ability to further damage the agency and endanger financial stability.”
Rep. Maxine Waters (D-Calif.), ranking member of the House committee, applauded Biden for the nomination.
“Commissioner Goldsmith Romero is undoubtedly the right person to help strengthen the safety and soundness of our banking system and address the workplace issues at the FDIC,” Waters said. “Goldsmith Romero has been unanimously confirmed by the Senate twice and has served successfully under both Democratic and Republican administrations. If Republicans are committed to changing the workplace culture at the FDIC, I expect that they will join with Democrats to support her swift Senate confirmation.”