WASHINGTON, D.C. – Today Congressman Blaine Luetkemeyer (MO-03), Ranking Member on the Subcommittee on Consumer Protection & Financial Institutions released a statement regarding the Biden Administration’s announcement that it intends to nominate Martin Gruenberg for Federal Deposit Insurance Corporation (FDIC) Chairman.

“As one of the creators of the Obama-era, ‘Operation Chokepoint’ Martin Gruenberg is a proven believer in and perpetrator of weaponizing the heavy hand of the federal government against United States citizens. With no regard for the law, then-Director Gruenberg used his position to force financial institutions to close the accounts of legally operating American businesses simply because they did not align with his political ideology. More recently, Mr. Gruenberg joined CFPB Director Chopra and Comptroller Hsu in an underhanded scheme to oust former FDIC Chairwoman Jelena McWilliams,” said Luetkemeyer. “At a time when every American is struggling with record inflation and economic turmoil, President Biden should be nominating candidates focused on the financial needs of American families and small businesses. Instead, he has once again chosen a career bureaucrat whose sole concern is his own personal and political agenda.”

Background:
Congressman Luetkemeyer released a statement December 9, 2021 condemning Director Chopra and then-Board Member Gruenberg’s unprecedented overreach. Read his full statement HERE. On December 15, 2021, Congressman Luetkemeyer introduced the FDIC Board Accountability Act to ensure the FDIC remains an independent agency removed from the political whims of partisan ideologues like we saw on December 9th. All House Financial Services Committee Republicans signed onto this bill. The full text can be found HERE. On March 7, 2022, Congressman Luetkemeyer, Ranking Member Patrick McHenry, and Congressman Tom Emmer sent a letter to Acting Chairman Gruenberg demanding information and documents regarding his actions on December 9, 2021. The letter can be found HERE.