The chairman of the Federal Deposit Insurance Corporation will step down from his post once a successor is appointed.

The White House says FDIC Chairman Martin Gruenberg to step down following reports of agency’s toxic workplace culture

The most powerful Democrat in Congress on banking and financial issues called for President Joe Biden to replace the chairman of the Federal Deposit Insurance Corp_ on Monday, saying the agency is broken and there must be “fundamental changes at the FDIC.

Gruenberg bowed to pressure to resign after an external investigation found widespread sexual harassment at the agency. He plans to stay until a successor is confirmed.

FDIC Chair Martin Gruenberg said Monday he is "prepared to step down" from the Federal Deposit Insurance Corporation "once a successor is confirmed," following a damning report on the agency's toxic workplace.

Martin Gruenberg, the chairman of the Federal Deposit Insurance Corporation, will step down from his post once a successor is appointed, the White House said Monday. Gruenberg’s announced departure comes after damning report about the agency’s toxic workplace culture was released earlier this month and political pressure from the top Democrat on the Senate Banking Committee,