WASHINGTON — A group of former federal inspectors general is urging the top two members of the Senate Banking Committee to swiftly
The letter, addressed to Senate Banking Committee Chair Sherrod Brown, D-Ohio, and ranking member Tim Scott, R-S.C., was signed by inspectors general from a number of federal agencies across multiple administrations. The seven signatories to the letter include former Housing and Urban Development Inspector General David Montoya, former State Department Inspector General Steve Linick and former Treasury Special Inspector General for the Troubled Asset Relief Program Neil Barofsky. The officials emphasized Goldsmith Romero’s demonstrated ability to manage and scrutinize large-scale financial interventions and her “unwavering integrity and an impressive record of reform.”
“In her role as Special Inspector General for the Troubled Asset Relief Program, she diligently pursued fraudsters and recovered funds for American taxpayers,” the letter reads. “Her relentless drive to improve organizational culture, programs, and processes is evident in all her endeavors, with a steadfast commitment to protecting the positive reputation of agencies with both the American public and Congress.”
Goldsmith Romero, a Democratic member of the Commodity Futures Trading Commission, was nominated by President Obama to serve as the special inspector general for the Troubled Asset Relief Program at the Treasury Department, where she investigated fraud and misconduct among banks that received bailout funds, bringing cases and assisting in federal actions against institutions such as Goldman Sachs and Morgan Stanley.
The White House tapped Goldsmith Romero to replace current FDIC Chairman Martin Gruenberg after he said he would resign upon his successor’s confirmation in light of a workplace harassment scandal. The structure of the FDIC is such that the agency would be deadlocked along party lines if Gruenberg were to resign immediately.
Goldsmith Romero would take on the challenge of reforming the troubled regulator, which has faced criticism following a Wall Street Journal report last fall of serious workplace misconduct. Concerns about Gruenberg’s leadership ability were highlighted in an official investigation whose results were published this spring, which found some evidence of questionable behavior regarding his temperament but no allegations of sexual harassment or discrimination.
Goldsmith Romero’s confirmation hearing was held on July 11, but the Senate Banking Committee has yet to schedule a vote.
Her recent Senate confirmation for the CFTC in 2022 makes her confirmation relatively uncontroversial. Even so, her window for confirmation before November’s election is narrow and rapidly closing. Democrats had aimed to advance Goldsmith Romero’s nomination before the August recess, but the confirmation will now have to happen in the crowded fall session or lame duck session — neither of which is assured.
