07:30 AM EDT, 05/24/2024 (MT Newswires) -- Kristin Johnson, a Democratic commissioner at the Commodity Futures Trading Commission, is a leading candidate to replace Martin Gruenberg as the chair of the Federal Deposit Insurance Corporation, Bloomberg reported on Friday, citing a person familiar with the matter.

Earlier this week, Gruenberg said that he would step down following a report by Cleary Gottlieb Steen & Hamilton, which highlighted longstanding issues of harassment and discrimination at the FDIC.

The Biden administration is urgently seeking to nominate and confirm a new FDIC chair because if Gruenberg leaves without a replacement, the FDIC would be evenly split, with two Democrats and two Republicans, the report said.

Johnson, a former law professor and attorney at JPMorgan Chase & Co., has served as a CFTC commissioner since March 2022 after receiving unanimous confirmation by the Senate.

Bloomberg previously reported that Johnson is also being considered for a top role at the Treasury Department overseeing banks.

Johnson and the White House declined to comment on the possible nomination, Bloomberg reported.

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