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Press Release

FDIC Board Winds Down the Special Committee

WASHINGTON -- On May 7, 2024, the Federal Deposit Insurance Corporation (FDIC) released the report from the independent third-party review of allegations of sexual harassment and other interpersonal misconduct at the FDIC and management’s response to that harassment and misconduct, and the independent third-party assessment of the FDIC’s workplace culture. The independent third-party review was conducted by Cleary Gottlieb Steen & Hamilton LLP and overseen by the Special Committee of the FDIC Board of Directors.

As detailed in the report, the independent review found that, for far too many employees and for far too long, the FDIC has failed to provide a workplace safe from sexual harassment, discrimination, and other interpersonal misconduct. It further found that management’s responses to allegations of misconduct, as well as the culture and conditions that gave rise to them, have been insufficient and ineffective.

With the independent third-party review now complete, the Board of Directors terminated the Special Committee effective May 30, 2024. Going forward, any inquiries and other matters relating to the recently completed independent review will be handled by the FDIC’s staff. Any allegations of harassment should be directed to The FDIC OIG also maintains a Hotline through which individuals may report suspected fraud, waste, abuse, or mismanagement related to the programs and operations of the FDIC.

FDIC Board members Michael J. Hsu and Jonathan McKernan co-chaired the Special Committee and remain committed to working with the rest of the Board of Directors to implement fully the recommendations of the Cleary Gottlieb report and ensure that FDIC employees have a workplace safe from sexual harassment, discrimination, and other interpersonal misconduct.

Last Updated: May 30, 2024