04:10 PM EDT, 06/13/2024 (MT Newswires) -- US President Joe Biden said Thursday he plans to nominate Commodities Futures Trading Commission Commissioner Christy Goldsmith Romero as the next chair of the Federal Deposit Insurance Corp., replacing Martin Gruenberg following a scathing report on workplace conditions at the banking regulator.

Romero has been a CFTC commissioner since March 2022 and has more than 20 years of experience as a federal attorney and leader in financial regulation under four presidents, according to a White House statement.

Romero oversees CFTC-registered banks, brokers, exchanges, clearinghouses, funds, and commodity producers. She also sponsors the commission's technology advisory committee that examines matters such as cybersecurity, blockchain and artificial intelligence. Prior to joining the CFTC, she worked at the Treasury Department for 12 years, the White House said.

The move comes after an independent investigation found evidence of rampant workplace misconduct at the agency that included sexual harassment and discrimination under Gruenberg.

"To fully and effectively address this conduct and these conditions, we believe cultural and structural change is necessary," investigators wrote in an April report. Gruenberg in May said he was prepared to step down when a replacement is confirmed.

FDIC Special Review Committee Co-Chairs Michael Hsu and Jonathan McKernan on Wednesday called the harassment and misconduct detailed in the report "totally unacceptable" at a House Financial Services Committee hearing on FDIC oversight.

"The number and scope of allegations, the patterns of misconduct, and the longstanding culture revealed by the review are highly disturbing and urgently need to be fixed," they said in a joint statement to the panel.