His announcement comes after several reports documented a culture of sexual harassment, misconduct and retaliation at the agency under his leadership.
Lawmakers have been pressuring Gruenberg for months to resign amid allegations of inappropriate workplace conduct against him and other senior FDIC officials.
“It has been my honor to serve at the FDIC as Chairman, Vice Chairman, and Director since August of 2005. Throughout that time I have faithfully carried out the critically important mission of the FDIC to maintain public confidence and stability in the banking system,” Gruenberg said in a statement.
“In light of recent events, I am prepared to step down from my responsibilities once a successor is confirmed. Until that time, I will continue to fulfill my responsibilities as Chairman of the FDIC, including the transformation of the FDIC’s workplace culture.”
Last year, the Wall Street Journal revealed a long record of misogynistic and abusive behavior at the agency under Gruenberg.
Those findings were confirmed by an investigative report from law firm Cleary Gottlieb Steen & Hamilton, prompting an apology from Gruenberg.
The Hill’s Sylvan Lane and Julia Shapero has more here.
