The White House said Monday that the chairman of the Federal Deposit Insurance Corporation will step down, a departure that follows the release earlier this month of a damning report about the 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.

By Pete Schroeder WASHINGTON (Reuters) -Senate Banking Committee Chairman Sherrod Brown called for new leadership at the troubled Federal Deposit Insurance Corporation Monday, urging President Joe Biden to immediately nominate someone to replace current Chairman Martin Gruenberg.

FDIC chairman Martin Gruenberg says he's prepared to step down once a successor is confirmed. Gruenberg has been widely criticized for fostering a toxic workplace at the agency.