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For Release

WASHINGTON — �౦��Ϸ���� (�౦��Ϸ����) Board of Directors today announced the establishment of a special committee of the Board to oversee an independent third–party review of the agency’s workplace culture. The Board appointed Directors Jonathan McKernan and Michael J. Hsu to co–chair this special committee and issued the following statement:

“All employees at the �౦��Ϸ���� need to feel safe and able to speak out if they are subject to, witness or encounter inappropriate behavior in the workplace.  Sexual harassment, discrimination, and other misconduct are totally unacceptable and have no place at the �౦��Ϸ����.

“The �౦��Ϸ���� Board is committed to fostering an environment and culture that promotes a safe, fair, and inclusive workplace for all �౦��Ϸ���� employees.  The Board supports taking all actions necessary to identify and address the root cause of the problem and to promote accountability. Today, the �౦��Ϸ���� Board unanimously approved the creation of an independent special committee of the Board, co–chaired by �౦��Ϸ���� Directors Michael J. Hsu and Jonathan McKernan to oversee a third–party, agency–wide review.  The co–chairs may appoint up to three additional non–voting members, likely from outside the �౦��Ϸ����, to join the special committee to advise and promote a diversity of views. The review will be fully independent and those conducting it will report directly and exclusively to the special committee.

“This is a top priority for the �౦��Ϸ���� Board Members. While this important work is underway, we recognize and appreciate the nearly 6,000 professionals who work at the �౦��Ϸ����, advancing its important mission of maintaining the stability and public confidence in the nation’s financial system.”