Statement by Jonathan McKernan, Director, FDIC Board of Directors, on the FDIC Workplace Culture

Recent reporting on the FDIC should shock us all. A full accounting is required. As initial steps, I urge that the FDIC board:

1. Release victims from their confidentiality agreements
2. Figure out why no perpetrator was fired—even one who texted nude photos to co–workers
3. Expand the investigation to cover workplace culture
4. Ensure the investigation is truly independent by forming a board committee to direct the outside law firm’s review

It is important that the FDIC board itself—not FDIC management—direct this investigation. It is hard for an agency to investigate itself; this review is more likely to be objective if the outside law firm is directed by a committee of independent FDIC board members.