December 09, 2021

Toomey Statement on Chopra’s Illegitimate FDIC Coup

“The administration should disavow this odious destruction of political norms”

Washington, D.C. – U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) issued the following statement regarding Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra’s and Federal Deposit Insurance Corporation (FDIC) Board Member Martin Gruenberg’s unlawful attempt to circumvent FDIC Chairman Jelena McWilliams.

“This failed, publicity-seeking attempted coup is exactly the kind of lawless overreach that Senate Republicans warned about with Rohit Chopra. His reckless behavior today undermines the independence and integrity of the FDIC. It represents a radical politicization of a long-respected financial regulator. There’s no legitimacy to this supposed ‘vote’ or Mr. Chopra’s tweet.

“That Marty Gruenberg would participate in this farce is disappointing but not surprising given his blemished record of implementing illegal Operation Choke Point and his mismanagement of the FDIC during his chairmanship.

“In its history, the bipartisan FDIC board has generally worked in cooperative fashion no matter which party controlled the White House. This unprecedented, illegitimate attempt to depose a bona fide and Senate-confirmed chairman would severely weaken the ability of independent regulators to operate free from political interference.

“The administration should disavow this odious destruction of democratic norms.”