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TESTIMONY | JUNE 12, 2024 |
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Testimony by Jonathan McKernan, Director, FDIC Board of Directors on "Oversight of the FDIC's Failed Leadership and Toxic Workplace Culture" before the Committee on Financial Services, United States House of Representatives
Chairman McHenry, Ranking Member Waters, and Members of the Committee, I am here as a co-chair of the Special Review Committee that oversaw Cleary Gottlieb’s review of the FDIC’s workplace culture.
To the FDIC employees who might be watching today: Cleary’s report establishes that you have been heard. The report makes clear that what happened to you was real and totally unacceptable. I hope the report puts us on a path to change. I hope also accountability—actual accountability—won’t be too far off.
I’d like also to convey my respects and appreciation to Director Hsu for the constructive and non-partisan way in which he approached the review. I think this review was a good example of how the FDIC Board can and should work.
In my year and a half at the FDIC, I have developed a strong attachment to the FDIC’s staff and our shared mission. Overseeing the review, I learned of a different side to the FDIC.
That was a jarring experience. I know most had a similar experience reading Cleary’s report.
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