Recent allegations against the Federal Deposit Insurance Corporation (FDIC) have been swirling across news outlets including The Wall Street Journal and Fox Digital. Reports center around the party culture which is present in the company as well as accusations of inappropriate behavior between employees and supervisors.
Speaking to the Wall Street Journal, former examiner-in-training Lauren Lemmer stated “It was just an accepted part of the culture.” At the center of the headlines are stories of supervisors inviting employees to strip clubs, engaging in sexual relations with employees, sending explicit photos, and encouraging the consumption of alcohol during work hours.
In response to these reports, FDIC spokesman said “Harassment in any form is contrary to the FDIC’s values and our deep commitment to fostering a diverse and inclusive workplace.” However, many are asking why this behavior was accepted for so long and what can be done to fix culture of abuse and power imbalance.
Vice Chairman Travis Hill pointed to the agency’s slow response in setting up a platform for potential bidders to review Silicon Valley Bank’s finances following its closure. This speaks to the greater issue of governmental corruption, as those in power are often taken care of far more so than the everyday citizens or employees.
Although the FDIC has made statements to address its “mistakes” and ensure better measures are taken to prevent such incidents from occurring, it’s liberating that additional steps are demanded from the federal agency in solving this situation. Training, reporting, and oversight programs are a start, but greater steps must be taken to create a safe and equitable environment for all FDIC employees.
Strip clubs, lewd photos: FDIC employees recount a sexualized, boys’ club environment at the bank regulator, saying it drove women to quit https://t.co/WQi4JjS7lY https://t.co/WQi4JjS7lY
— The Wall Street Journal (@WSJ) November 13, 2023
The issues loose the public’s faith in the federal government’s ability to serve justice and properly represent all sides. Reports such as the FDIC’s should point to deeper issues of inequality and corruption which run rampant in politics. Until the greater issues of power imbalances are addressed, little will be done to meaningfully prevent this from occurring again in the future.