ICYMI: Financial Services Republicans Launch Investigation into Attempted Power Grab at FDIC

Cheyenne, OK– Earlier this week, Congressman Frank Lucas (OK-03) joined Republicans on the House Financial Services Committee opening an investigation into the unprecedented, attempted power grab by Democrats on the Federal Deposit Insurance Corporation’s (FDIC) Board of Directors, including Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra, acting head of the Office of Comptroller of the Currency Michael Hsu, and FDIC Board Member Martin Gruenberg.

In a letter to Financial Services Committee Chairwoman Maxine Waters (CA-43), Committee Republicans demanded Democrats join their investigation into the attempted politicization of the FDIC Board and hold an oversight hearing on the matter.

The lawmakers wrote, “On December 9, 2021, two members of the Board of the Federal Deposit Insurance Corporation (FDIC) issued a confusing joint statement that implied the Board voted to approve a Request for Information and Comment on the bank merger process. The statement—which was released by the Consumer Financial Protection Bureau—also purported to instruct the FDIC Executive Secretary ‘to record the vote in the minutes of the proceedings of the Board’ and ‘transmit the Request for Information to the Federal Register.’ Of course, the FDIC took no such vote, and the joint statement and the extracurricular activities to which it refers have no legal effect. To fully understand how the Director of the CFPB, Rohit Chopra, and an FDIC Director who has somehow served on the Board since 2005, Martin Gruenberg, coordinated an attempt to usurp the Chairman, we request you convene a hearing as soon as practicable.”

Additionally, Congressman Lucas cosponsored the FDIC Board Accountability Act, sponsored by Congressman Blaine Luetkemeyer (MO-03), which would remove the Consumer Financial Protection Bureau Director from the Federal Deposit Insurance Corporation (FDIC) Board of Directors, and put term limits in place for FDIC Board of Directors members’ service.

Recently, FDIC Chairwoman Jelena McWilliams penned an op-ed in the Wall Street Journal detailing the actions of CFPB Director Rohit Chopra and FDIC Board Member Martin Gruenberg and their attempt to circumvent the chairman to pursue their own agenda.

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