Martin Gruenberg, chairman of the US Federal Deposit Insurance Commission, on Monday announced his intention to resign after a damning report on the agency's toxic workplace.
The news leaves uncertainty over major proposed capital requirements for the country's largest private banks.
“In light of recent events, I am prepared to step down from my responsibilities once a successor is confirmed,” Mr Gruenberg said.
“Until that time, I will continue to fulfil my responsibilities as chairman of the FDIC, including the transformation of the FDIC’s workplace culture.”
The White House said President Joe Biden would soon put forth a nomination for Mr Gruenberg's successor.
The banking official faced calls to resign from Republicans during two hearings on Capitol Hill last week over an independent report that found the FDIC was rife with sexual harassment, discrimination and mismanagement.
The investigation was launched after The Wall Street Journal reported the FDIC had a culture of sexual harassment and discrimination. More than 500 people called into the investigators' Hotline.
The report also found Mr Gruenberg had a reputation for losing his temper and “interacting with staff in a demeaning and inappropriate manner”.
During his testimony last week, he apologised for his conduct and insisted he was best suited to lead the changes at the FDIC.
Although he initially survived last week's hearings, his position became untenable after Senate banking committee chairman Sherrod Brown, a Democrat, called on Mr Biden to replace him.
“After chairing last week’s hearing, reviewing the independent report and receiving further outreach from FDIC employees to the banking and housing committee, I am left with one conclusion: there must be fundamental changes at the FDIC,” Mr Brown said in a statement on Monday morning.
“Those changes begin with new leadership, who must fix the agency’s toxic culture and put the women and men who work there – and their mission – first.”
By opting to remain as FDIC chair until a successor is chosen, Mr Gruenberg avoids having leadership split evenly between Democrats and Republicans.
Had he immediately stepped down, the split leadership could have significantly stalled major banking regulations.
Chief among them are the proposed capital banking requirements, for which the FDIC and Federal Reserve pushed after the collapse of Silicon Valley Bank last year.
The rules, part of the Basel III endgame, would require the largest banks to increase their capital by about 19 per cent.
But those proposed requirements were widely panned by big banks and Republicans for possibly doing more harm to small businesses.
And more than 97 per cent of the 350 letters received during the comment period opposed the new rules outright.
Facing such opposition, Fed officials have indicated a willingness to adjust the rules.
Fed chairman Jerome Powell, who voiced scepticism but ultimately voted in favour of the capital banking requirements last year, has said he expects “broad and material” changes to Basel III.
The Fed and other federal regulators are now considering a plan that would significantly lessen the capital increase under the proposed rule, The Wall Street Journal reported.
The Fed vice chairman for supervision, Michael Barr, repeated Mr Powell's “broad and material” statement in Florida on Monday, saying the Basel endgame would finish the work of responding to the 2008 global financial crisis.
Mr Gruenberg joined the FDIC's board of directors in 2005.
Dust and sand storms compared
Sand storm
- Particle size: Larger, heavier sand grains
- Visibility: Often dramatic with thick "walls" of sand
- Duration: Short-lived, typically localised
- Travel distance: Limited
- Source: Open desert areas with strong winds
Dust storm
- Particle size: Much finer, lightweight particles
- Visibility: Hazy skies but less intense
- Duration: Can linger for days
- Travel distance: Long-range, up to thousands of kilometres
- Source: Can be carried from distant regions
Killing of Qassem Suleimani
Traits of Chinese zodiac animals
Tiger:independent, successful, volatile
Rat:witty, creative, charming
Ox:diligent, perseverent, conservative
Rabbit:gracious, considerate, sensitive
Dragon:prosperous, brave, rash
Snake:calm, thoughtful, stubborn
Horse:faithful, energetic, carefree
Sheep:easy-going, peacemaker, curious
Monkey:family-orientated, clever, playful
Rooster:honest, confident, pompous
Dog:loyal, kind, perfectionist
Boar:loving, tolerant, indulgent
More on Quran memorisation:
Heavily-sugared soft drinks slip through the tax net
Some popular drinks with high levels of sugar and caffeine have slipped through the fizz drink tax loophole, as they are not carbonated or classed as an energy drink.
Arizona Iced Tea with lemon is one of those beverages, with one 240 millilitre serving offering up 23 grams of sugar - about six teaspoons.
A 680ml can of Arizona Iced Tea costs just Dh6.
Most sports drinks sold in supermarkets were found to contain, on average, five teaspoons of sugar in a 500ml bottle.
What can victims do?
Always use only regulated platforms
Stop all transactions and communication on suspicion
Save all evidence (screenshots, chat logs, transaction IDs)
Report to local authorities
Warn others to prevent further harm
Courtesy: Crystal Intelligence
Killing of Qassem Suleimani
Mohammed bin Zayed Majlis
OPINIONS ON PALESTINE & ISRAEL
'Munich: The Edge of War'
Director: Christian Schwochow
Starring: George MacKay, Jannis Niewohner, Jeremy Irons
Rating: 3/5
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
ENGLAND SQUAD
For first two Test in India Joe Root (captain), Jofra Archer, Moeen Ali, James Anderson , Dom Bess, Stuart Broad , Rory Burns, Jos Buttler, Zak Crawley, Ben Foakes, Dan Lawrence, Jack Leach, Dom Sibley, Ben Stokes, Olly Stone, Chris Woakes. Reserves James Bracey, Mason Crane, Saqib Mahmood, Matthew Parkinson, Ollie Robinson, Amar Virdi.
Infiniti QX80 specs
Engine: twin-turbocharged 3.5-liter V6
Power: 450hp
Torque: 700Nm
Price: From Dh450,000, Autograph model from Dh510,000
Available: Now
The specs
AT4 Ultimate, as tested
Engine: 6.2-litre V8
Power: 420hp
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
Review: Tomb Raider
Dir: Roar Uthaug
Starring: Alicia Vikander, Dominic West, Daniel Wu, Walter Goggins
two stars
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Company info
Company name: Entrupy
Co-founders: Vidyuth Srinivasan, co-founder/chief executive, Ashlesh Sharma, co-founder/chief technology officer, Lakshmi Subramanian, co-founder/chief scientist
Based: New York, New York
Sector/About: Entrupy is a hardware-enabled SaaS company whose mission is to protect businesses, borders and consumers from transactions involving counterfeit goods.
Initial investment/Investors: Entrupy secured a $2.6m Series A funding round in 2017. The round was led by Tokyo-based Digital Garage and Daiwa Securities Group's jointly established venture arm, DG Lab Fund I Investment Limited Partnership, along with Zach Coelius.
Total customers: Entrupy’s customers include hundreds of secondary resellers, marketplaces and other retail organisations around the world. They are also testing with shipping companies as well as customs agencies to stop fake items from reaching the market in the first place.
Water waste
In the UAE’s arid climate, small shrubs, bushes and flower beds usually require about six litres of water per square metre, daily. That increases to 12 litres per square metre a day for small trees, and 300 litres for palm trees.
Horticulturists suggest the best time for watering is before 8am or after 6pm, when water won't be dried up by the sun.
A global report published by the Water Resources Institute in August, ranked the UAE 10th out of 164 nations where water supplies are most stretched.
The Emirates is the world’s third largest per capita water consumer after the US and Canada.
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UAE currency: the story behind the money in your pockets
About Okadoc
Date started: Okadoc, 2018
Founder/CEO: Fodhil Benturquia
Based: Dubai, UAE
Sector: Healthcare
Size: (employees/revenue) 40 staff; undisclosed revenues recording “double-digit” monthly growth
Funding stage: Series B fundraising round to conclude in February
Investors: Undisclosed
MATCH INFO
Manchester City 0
Wolves 2 (Traore 80', 90 4')
THE SPECS
Engine: 3.5-litre V6
Transmission: six-speed manual
Power: 325bhp
Torque: 370Nm
Speed: 0-100km/h 3.9 seconds
Price: Dh230,000
On sale: now
F1 The Movie
Starring: Brad Pitt, Damson Idris, Kerry Condon, Javier Bardem
Director: Joseph Kosinski
Rating: 4/5
Mohammed bin Zayed Majlis
Killing of Qassem Suleimani
MATCH DETAILS
Chelsea 4
Jorginho (4 pen, 71 pen), Azpilicueta (63), James (74)
Ajax 4
Abraham (2 og), Promes (20). Kepa (35 og), van de Beek (55)
Scoreline
Real Madrid 1
Ronaldo (53')
Atletico Madrid 1
Griezmann (57')
How much do leading UAE’s UK curriculum schools charge for Year 6?
- Nord Anglia International School (Dubai) – Dh85,032
- Kings School Al Barsha (Dubai) – Dh71,905
- Brighton College Abu Dhabi - Dh68,560
- Jumeirah English Speaking School (Dubai) – Dh59,728
- Gems Wellington International School – Dubai Branch – Dh58,488
- The British School Al Khubairat (Abu Dhabi) - Dh54,170
- Dubai English Speaking School – Dh51,269
*Annual tuition fees covering the 2024/2025 academic year
Key facilities
- Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
- Premier League-standard football pitch
- 400m Olympic running track
- NBA-spec basketball court with auditorium
- 600-seat auditorium
- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
- AR and VR-enabled learning centres
- Disruption Lab and Research Centre for developing entrepreneurial skills
