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By Matthew Foldi
Bipartisan lawmakers have criticized the Federal Deposit Insurance Corporation’s (FDIC) chairman for months, following an independent investigation that found widespread “sexual harassment, discrimination, and other interpersonal misconduct” under his leadership.
Longtime FDIC Chairman Martin Gruenberg is “a total disgrace, a failed leader, [and] a liberal political hack who has no business running any organization, let alone the premiere banking organization in America,” Rep. Andy Barr (R., Ky.) said of Gruenberg.
Gruenberg skipped a hearing this week, and promised to resign only after his successor is confirmed, which Barr said is unacceptable. Barr explained to the Reporter his hope to reform the financial system and “reimagine the FDIC,” which shouldn’t “be the primary regulator of a lot of financial systems.”Barr added that “we should be ready, willing, and able to use the Congressional Review Act on any number of misguided regulatory proposals from the administration and financial regulation and otherwise.”
Read the full story about Rep. Andy Barr’s FDIC criticisms and plans to reform the financial system — including potential improper actions by the Consumer Financial Protection Bureau HERE.
What’s the latest with the FDIC? Marty Gruenberg is not leaving. What else is coming down the pipeline for you?
Matthew Foldi
Editor-in-Chief
Marty Gruenberg is a disgrace. He’s a total disgrace. He’s a failed leader. He’s a liberal political hack who has no business running any organization, let alone the premier banking regulator in America. And the mismanagement and the poor leadership that he’s demonstrated in his most recent tenure is grounds for immediate removal in that position and the fact that he has pledged to “resign” until a replacement is found is woefully inadequate. He needs to go yesterday. If any regulated depository institution had the toxic workplace culture that he has presided over at the FDIC, the FDIC would have crucified the management and leadership of that bank. The hypocrisy from Washington is something that Americans hate. And Marty Gruenberg is the poster child of Washington arrogance, mismanagement and bureaucratic hypocrisy.
Rep. Andy Barr
Chair, Subcommittee on Financial Institutions and Monetary Policy
Tell me how you really feel about this guy.
Matthew Foldi
Editor-in-Chief
That’s how I feel about it. And I think it’s a disgrace that these Biden bureaucrats hold the private sector to one standard, but they hold themselves to another standard. It’s a double standard that Americans should not and do not tolerate. That’s why he should resign. He should have resigned several months ago, when the independent report was released.
Rep. Andy Barr
Chair, Subcommittee on Financial Institutions and Monetary Policy
Is it reasonable for congressional Republicans, now or after the election, to use the Congressional Review Act to remedy the FDIC’s waywardness?
Matthew Foldi
Editor-in-Chief
Of course we should be ready, willing, and able to use the Congressional Review Act on any number of misguided regulatory proposals from the administration and financial regulation and otherwise. What I would add to that is that those resolutions disapproving misguided and costly and bureaucratic rules and regulations from the Biden administration can work in tandem with litigation. In light of the West Virginia vs. EPA case, and perhaps the Supreme Court’s decision that if it does overturn Chevron will also help us invalidate any of these costly regulations.
Rep. Andy Barr
Chair, Subcommittee on Financial Institutions and Monetary Policy
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By Matthew Foldi
The illegal, unregulated, and dangerous influx of vaping devices from China sparked Senate bipartisanship this week, when the Senate Judiciary Committee hammered the task-force Joe Biden appointed to tackle the issue.
The Food and Drug Administration (FDA) authorizes the sale of 23 vaping devices. The Associated Press reports, however, that there are almost 10,000 different vapes sold across America –— many of which target children. According to the Director of the White House Office of National Drug Control Policy in President Barack Obama’s administration, “the use of disposable vapes by U.S. high school aged children has risen an incredible 1,336% since 2019. Most of these products, about 90%, come from China.” According to the FDA, the two most popular vapes in America, Elf Bar and Esco Bar, are both made in China.
Judiciary Chairman Sen. Dick Durbin (D., Ill.) highlighted Joe Biden’s administration’s regulatory failures, which have allowed for a Chinese-controlled vaping device black market, in Wednesday’s Judiciary hearings.
“You’ve completely fallen down on the job,” Durbin told officials from the FDA and from the Department of Justice (DOJ). “What in the hell have you been waiting for?”
For more on how Biden’s vape task force is going up in smoke, click HERE.
By Matthew Foldi
The National Republican Congressional Committee (NRCC) exclusively shared a polling memo with the Washington Reporter that earmarks for attention a district in Northeast Indiana, which Biden carried by 7 percent in 2020.
Rep. Frank Mrvan (D., Ind.) in Indiana’s 1st congressional district looked poised for re-election, but a combination of President Joe Biden’s approval rating (56 percent of respondents disapprove of his job performance, compared to only 42 percent who approve in Mrvan’s district) and strong House Republican candidate recruitment have made Mrvan’s shot weaker.
The poll, conducted earlier this year, found Mrvan leading Republican candidate Randy Niemeyer by 45 percent to 41 percent, within the poll’s margin of error. Rep. Jim Banks (R., Ind.), Senate candidate in Indiana, told the Reporter that “IN01 will be a top five House race to watch in November.” The NRCC’s poll also showed Banks with a plus-four image rating in this district.
“We have a great candidate in Randy Niemeyer and northwest Indiana is trending Republican as working class voters see more than ever that the elitist Democrat Party doesn’t represent them anymore,” Banks said.
Read the full memo HERE.
By Tom Hebert
On paper, President Joe Biden’s antitrust enforcers couldn’t look more different. One is a progressive activist, the other is a multimillionaire corporate attorney.
While their public brands may differ, their end goals remain the same: providing political cover for Biden on the campaign trail. Republican lawmakers should continue to expose how Biden’s politicized antitrust agenda wastes taxpayer resources and harms taxpayers.
Read more from Tom Hebert, the executive director of the Open Competition Center, on Biden’s political antitrust enforcers HERE.
