Under Fire for ‘Toxic' Work Culture, Bank Regulator Apologizes Again

Just days after the release of a report detailing a culture of sexual harassment and discrimination at a financial institution, its chair submitted congressional testimony indicating no plans to step down. In prepared remarks, the chair expressed regret for the abuse suffered and stated that changes were already being made. The chair faces pressure to resign from lawmakers but is supported by key Democratic figures. A proposed rule to tighten oversight of large banks could be jeopardized if the chair is forced to leave. The report described a culture of abuse and questioned the chair’s effectiveness in light of losing their temper with staff.