McHenry: Chairman Gruenberg Has a Lot of Explaining to Do

Statement

"Chairman Gruenberg has a lot of explaining to do. Yesterday, he initially misled the Committee regarding an investigation into his own alleged misconduct," said Chairman McHenry. "In light of the most recent reporting from the Wall Street Journal, his subsequent clean up job was a clear understatement.

Under his leadership, the FDIC is at best preoccupied with this sideshow and at worst compromised. Chair Gruenberg clearly bears responsibility as these allegations occurred during his tenure as either a board member or Chairman. There is no excuse for this alleged behavior, which is why the Inspector General must brief the Committee as soon as possible.

The Committee will conduct a rigorous investigation including hearings, oversight, and transcribed interviews. It's clear Mr. Gruenberg never should have been reappointed or confirmed in the first place."

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