Biden Nears Pick for Next FDIC Chair
What role did Ms. Goldsmith Romero play in the office created by Congress to investigate misconduct by banks during the financial crisis?
Ms. Goldsmith Romero played a significant role in the office created by Congress to investigate misconduct by banks during the financial crisis. From 2011 to 2022, she served as the special inspector general for the Troubled Asset Relief Program (SIGTARP), leading the office in investigating fraud and other misconduct by banks that received money from the government's crisis rescue package23. Her work often put her at odds with both bankers and some government officials who were concerned about the potential damage it would do to public opinion of the bailout. During her tenure, SIGTARP investigations led to criminal charges against more than 100 bankers and over 300 defendants being sentenced to prison.
How long did Ms. Goldsmith Romero serve as the special inspector general for the Troubled Asset Relief Program?
What led President Biden to consider appointing a new leader for the Federal Deposit Insurance Corporation?
President Biden considered appointing a new leader for the Federal Deposit Insurance Corporation (FDIC) due to a vast workplace abuse scandal that had shaken the bank regulator1. The scandal likely prompted the need for a strong, capable, and trustworthy leader who could help rectify the issues within the organization and restore its reputation. Christy Goldsmith Romero, who sits on the five-member Commodity Futures Trading Commission, emerged as a front-runner for the position, given her experience in investigating fraud and misconduct by banks.