Senate banking chair asks Biden to replace FDIC chairman after ‘toxic culture’ report

Sherrod Brown called on President Biden to nominate a new chair for the FDIC ‘without delay,’ which the Senate would then confirm.

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. (FDIC) on Monday, saying the agency is broken and there must be “fundamental changes at the FDIC.”