FDIC Chairman Gruenberg to Resign Before Trump Takes Office

Federal Deposit Insurance Corporation (FDIC) Chairman Martin Gruenberg announced he will step down on January 19, 2025, a day before President-elect Donald Trump takes office. His resignation comes amid pressure from lawmakers and controversies including accusations of fostering a toxic workplace culture and unlawful actions against the crypto industry. Republican Vice Chairman Travis Hill will assume the role of acting chairman, with potential for a permanent appointment under Trump's administration. Gruenberg, a long-serving FDIC member, has faced criticism from both political and industry figures. His departure aligns with a broader expected shift in bank regulation as the FDIC board is poised to gain a Republican majority under the new administration. Gruenberg had previously announced his intention to resign following an external investigation into misconduct at the FDIC, though his official departure date was only recently confirmed.