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Business & Economy <!– | | | Waters backs FDIC chair after scathing report | Rep. Maxine Waters (Calif.), top Democrat on the House Financial Services Committee, stood up for Federal Deposit Insurance Corp. (FDIC) Chair Martin Gruenberg on Thursday as he faces bipartisan pressure to resign. | In a statement, Waters blasted a third-party investigation of sexual harassment and misconduct at the FDIC, while arguing it focuses disproportionately the agency’s current Democratic leader and not enough on his Republican predecessors. While Waters acknowledged cultural deficiencies at the FDIC, she also said the report “places the focus for ‘tone at the top’ solely on the Democratic chair under whose leadership the agency received the most favorable ratings from its employees, while it completely ignores the activities of the two previous Republican Chairs.” Her support for Gruenberg puts her at odds with some of her colleagues on the House Financial Services Committee, notably Rep. Bill Foster (D-Ill.), the top Democrat on the Financial Institutions subcommittee. Foster called for Gruenberg’s resignation earlier this week, saying that he was “appalled” and “deeply disturbed” by the accounts of widespread sexual harassment and discrimination documented in the report by law firm Cleary Gottlieb Steen & Hamilton. Numerous Republican lawmakers in both the House and Senate have already called for the departure of Gruenberg, a 20-year veteran of the FDIC who has held multiple positions within the agency. Sexual harassment and a culture of intimidation have been problems at the FDIC for years, documented as far back as 2014 in a report by the regulator’s inspector general published in 2020. The Hill’s Tobias Burns has the latest here. | Welcome to The Hill’s Business & Economy newsletter, we’re Aris Folley and Taylor Giorno — covering the intersection of Wall Street and Pennsylvania Avenue. | Did someone forward you this newsletter? Subscribe here. | | | Key business and economic news with implications this week and beyond: | | | Biden’s Labor chief calls FDIC revelations ‘clearly horrific’ | | | Acting Secretary of Labor Julie Su described revelations stemming from a probe into allegations of sexual harassment and discrimination at a top bank regulator as “clearly horrific” at a hearing on Thursday. | | | | Boeing whistleblower says he was pressured to hide defects | | | A former quality inspector at Boeing’s largest parts supplier said Wednesday that he was pressured to hide defects found in airline parts, adding to scrutiny over the company’s quality control for its 737 aircraft. | | | | Petition calls on DOJ to investigate deaths of Boeing whistleblowers | | | More than 25,000 people have signed a petition calling on the Department of Justice (DOJ) to investigate the recent deaths of two Boeing whistleblowers as the company remains under intense scrutiny. | | | | Upcoming news themes and events we’re watching: | #list-r13c0m2 ul{ margin: 0 !important; padding: 0 !important; } #list-r13c0m2 ul li{ mso-special-format: bullet; }#list-r13c0m2 .levelOne li { margin-top: 0 !important; } #list-r13c0m2 .levelOne { margin-left: -20px !important; }#list-r13c0m2 .levelTwo li { margin-top: 0 !important; } #list-r13c0m2 .levelTwo { margin-left: 24px !important; }#list-r13c0m2 .levelThree li { margin-top: 0 !important; } #list-r13c0m2 .levelThree { margin-left: 68px !important; }#list-r13c0m2 .levelFour li { margin-top: 0 !important; } #list-r13c0m2 .levelFour { margin-left: 112px !important; } - The House Financial Services Committee has a hearing set for next Wednesday at 10 a.m. focused on oversight of prudential regulators.
| | | Branch out with more stories from the day: | | | Stock market today: Wall Street rises to pull S&P 500 back within 1% of its record | NEW YORK (AP) — U.S. stocks rose Thursday to pull the S&P 500 back within 1% of its record following … | | | Business and economic news we’ve flagged from other outlets: | #list-r18c0m2 ul{ margin: 0 !important; padding: 0 !important; } #list-r18c0m2 ul li{ mso-special-format: bullet; }#list-r18c0m2 .levelOne li { margin-top: 0 !important; } #list-r18c0m2 .levelOne { margin-left: -20px !important; }#list-r18c0m2 .levelTwo li { margin-top: 0 !important; } #list-r18c0m2 .levelTwo { margin-left: 24px !important; } - Dow closes more than 300 points higher, securing 7th winning day (CNBC)
- US regulators are looking at potential ‘bait and switch’ schemes with airline-affiliated credit card reward points (CNN)
- Boeing’s Safety Claims Probed by SEC After Panel Blew Off Plane (Bloomberg)
| | | Top stories on The Hill right now: | | | Trump attorney blights Stormy Daniels’s credibility in tempestuous cross-exam | NEW YORK — Former President Trump’s attorney attempted to blight Stormy Daniels’s credibility to Trump’s trial jury by portraying her as money-driven, suggesting Daniels’s career as a porn actor made her experienced in selling fictional stories about sex. Read more | | Axelrod: Biden ‘pride’ may cost him election | Senior Democratic strategist David Axelrod hit President Biden over his economic messaging Wednesday following a campaign event in Milwaukee, saying the president’s “pride” could be his undoing in November. Read more | | | Opinions related to business and economic issues submitted to The Hill: | #list-r23c0m2 ul{ margin: 0 !important; padding: 0 !important; } #list-r23c0m2 ul li{ mso-special-format: bullet; }#list-r23c0m2 .levelOne li { margin-top: 0 !important; } #list-r23c0m2 .levelOne { margin-left: -20px !important; }#list-r23c0m2 .levelTwo li { margin-top: 0 !important; } #list-r23c0m2 .levelTwo { margin-left: 24px !important; }#list-r23c0m2 .levelThree li { margin-top: 0 !important; } #list-r23c0m2 .levelThree { margin-left: 68px !important; }#list-r23c0m2 .levelFour li { margin-top: 0 !important; } #list-r23c0m2 .levelFour { margin-left: 112px !important; } - The Powell paradox: How the Fed chair’s words keep interest rates higher for longer
- Stronger whistleblower laws can help prevent the next corporate fiasco
| | | You’re all caught up. See you tomorrow! | | | |
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