Metro Lex News

Congressman Barr has issued a statement regarding the White House's consideration of Christy Goldsmith Romero as a replacement for Federal Deposit Insurance Corporation (FDIC) Chair Marty Gruenberg. Gruenberg has been embroiled in controversy, prompting calls for his resignation.

"Marty Gruenberg should have resigned in disgrace months ago. However, his successor must be someone qualified for the role, not a partisan appointee. The White House’s rumored choice, Christy Goldsmith Romero, is nothing short of reckless and undermines the integrity of the position," stated Barr.

He emphasized the importance of the FDIC Chair's role in maintaining the safety and soundness of the nation's banking system. "The Chair of the FDIC is one of the most critical positions in our financial regulatory framework," Barr noted. He highlighted concerns over upcoming challenges such as higher interest rates affecting commercial real estate refinancing and an announcement from the FDIC that 63 banks are nearing insolvency.

Barr criticized Romero's qualifications based on her tenure at the Commodity Futures Trading Commission (CFTC), arguing that it does not provide adequate experience for leading the FDIC. "Christy Goldsmith Romero’s tenure at the CFTC does not provide the requisite experience or expertise needed to lead the FDIC," he said.

He concluded by urging the White House to nominate a candidate with substantial direct experience in banking. "Our financial institutions deserve a leader with substantial, direct experience in banking, not a politicized choice whose background is misaligned with the demands of this role. The American people cannot afford a learning curve in this position, and it’s time for the White House to put forth a candidate who is genuinely qualified and prepared to safeguard our financial system."