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FDIC chair ‘deeply troubled’ by WSJ report on sexual harassment, says review underway on November 14, 2023 at 4:40 pm Business News | The Hill

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Federal Deposit Insurance Corporation (FDIC) chair Martin Gruenberg told lawmakers Tuesday he was “personally disturbed and deeply troubled” over systemic sexual harassment allegations in the agency described in a Wall Street Journal report on Monday.

Current and former employees at the FDIC said the banking regulator fostered a toxic work environment rife with sexual harassment and misogyny that drove women to leave the agency.

“The FDIC is conducting a comprehensive review, including engaging an independent third party to ensure that we understand the nature of these issues and take all appropriate actions to address them,” Gruenberg said in a Senate Banking Committee hearing

“Let me underscore, I have no higher priority to ensure that all FDIC employees work in a safe environment where they feel valued and respected,” he continued.

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Sen. Mike Rounds (R-S.D.) pressed Gruenberg on his knowledge or involvement in the allegations, which he described as “concerning.”

Greunberg said he was not aware of the allegations before they were published.

Rounds also directly asked Gruenberg if he, personally, would be at the center of any future news reports.

“You’d really have to speak to the news organizations, Senator,” Greunberg replied.

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Rounds said that he believes additional press reports including allegations about the agency are forthcoming.

In the Journal report, FDIC employees also described a heavy drinking culture at the agency, particularly at a hotel near Washington that hosts out-of-town employees for trainings, and on the road, where agents spend days or weeks at a time examining banks around the country.

The outlet describes various incidents of sexual harassment or improper workplace conduct, ranging from a supervisor inviting employees to a strip club, male examiners sending nude photos to their female colleagues, and various references to sex and women’s appearances.

The agency denounced the alleged conduct in a statement Monday.

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“Harassment in any form is contrary to the FDIC’s values and our deep commitment to fostering a diverse and inclusive workplace,” the agency said. “We have various training, reporting, and oversight programs that endeavor to create a safe and equitable environment where all employees can feel valued and respected.”

​Banking & Financial Institutions, Business, Senate, FDIC, Senate Banking Committee, sexual harassment Federal Deposit Insurance Corporation (FDIC) chair Martin Gruenberg told lawmakers Tuesday he was “personally disturbed and deeply troubled” over systemic sexual harassment allegations in the agency described in a Wall Street Journal report on Monday. Current and former employees at the FDIC said the banking regulator fostered a toxic work environment rife with sexual harassment…  

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TikTok Ban Drives 216% Rise in U.S. Users Learning Chinese on Duolingo

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Duolingo has reported a remarkable 216% increase in U.S. users learning Mandarin Chinese, coinciding with the impending ban on TikTok, set to take effect on January 19, 2025. This surge is attributed to many TikTok users migrating to a new Chinese social media platform called RedNote (also known as Xiaohongshu), which defaults to Mandarin as its primary language. As TikTok users seek alternatives amidst concerns over data privacy and app availability, they are turning to RedNote, prompting a cultural exchange that has driven interest in learning Chinese.

The spike in Mandarin learners began around mid-January, aligning with the growing popularity of RedNote among former TikTok users. Duolingo’s marketing team has actively engaged with this trend on social media, humorously acknowledging the phenomenon with posts like “Learning Mandarin out of spite? You’re not alone”.

Additionally, Duolingo has seen a 36% increase in downloads in the U.S., reflecting heightened consumer demand for language learning resources as users adapt to the new social media landscape.

The transition from TikTok to RedNote has not been without challenges, as some users have encountered technical issues during registration and account suspensions.

Nevertheless, this shift underscores a significant demand for social networking experiences that resonate with American users while navigating the complexities of Chinese platforms.

Bolanle Media covers a wide range of topics, including film, technology, and culture. Our team creates easy-to-understand articles and news pieces that keep readers informed about the latest trends and events. If you’re looking for press coverage or want to share your story with a wider audience, we’d love to hear from you! Contact us today to discuss how we can help bring your news to life.

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TikTok’s Final Countdown: The Sunday Shutdown

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As the clock ticks down to January 19, 2025, TikTok users in the United States are bracing for a significant disruption. The app, which boasts approximately 170 million users in the country, faces a potential ban that could render it non-functional by this Sunday. Here’s what you need to know about the impending ban and its implications.

Key Details of the Ban

The anticipated ban comes amid ongoing national security concerns regarding TikTok’s Chinese ownership. Government officials have raised alarms about the possibility of sensitive user data being accessed by Chinese authorities. As a result, the app is expected to be removed from digital app stores, effectively cutting off new downloads and updates.

What Will Happen?

  • Removal from App Stores: On January 19, TikTok will likely be taken down from platforms like the Apple App Store and Google Play Store.
  • Existing Users Affected: Current users may find that their app becomes non-functional, losing access to new content creation and updates.
  • Data Preservation Challenges: Users may face difficulties in preserving their data and content as the deadline approaches.

Recommendations for Users

In light of the impending ban, TikTok users should take proactive steps to safeguard their content and data:

  1. Download Personal Data: Users can access their TikTok settings to download their data before it’s too late.
  2. Export Saved Videos: Save any cherished videos or content that you wish to keep.
  3. Backup Content: Consider backing up your videos on alternative platforms.
  4. Explore Alternatives: As TikTok faces its potential shutdown, consider migrating to other platforms such as:
  • Instagram Reels
  • YouTube Shorts
  • Lemon8
  • Triller

Potential Scenarios

While the ban is set for this Sunday, there are several scenarios that could unfold in the coming days:

  • Last-Minute Legal Intervention: There remains a possibility of a legal challenge that could delay or halt the ban.
  • Temporary Injunction: Courts may issue a temporary injunction allowing TikTok to operate while legal proceedings continue.
  • Complete Shutdown: If no intervention occurs, users will face a complete shutdown of the platform in the U.S. market.

Emotional Impact on Users

The potential ban is not just a technical disruption; it carries significant emotional weight for many users. Content creators who have built their brands on TikTok may experience economic repercussions as they lose a primary platform for engagement. Additionally, the shift could lead to broader changes in the social media landscape as users seek new avenues for expression and connection.

Conclusion

As we approach this critical deadline, TikTok users should remain vigilant and prepared for possible changes. Whether through legal maneuvers or a complete shutdown, the future of TikTok in the United States hangs in the balance. Stay tuned for real-time updates as we navigate this evolving situation together.

Bolanle Media covers a wide range of topics, including film, technology, and culture. Our team creates easy-to-understand articles and news pieces that keep readers informed about the latest trends and events. If you’re looking for press coverage or want to share your story with a wider audience, we’d love to hear from you! Contact us today to discuss how we can help bring your news to life.

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David Sacks: The New White House AI and Crypto Czar

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According to CNBC and NBC News, David Sacks, a prominent venture capitalist and former PayPal executive, has been appointed as the White House AI and Crypto Czar by President-elect Donald Trump. This newly created position underscores the incoming administration’s focus on artificial intelligence and cryptocurrency as critical areas for American competitiveness.

Role and Responsibilities

Sacks will be tasked with several key responsibilities in his new role:

  1. Guiding policy for the administration in AI and cryptocurrency
  2. Establishing a legal and regulatory framework for the cryptocurrency industry
  3. Safeguarding free speech online, and steering away from Big Tech bias and censorship
  4. Leading the Presidential Council of Advisors for Science and Technology

Trump emphasized that Sacks will focus on making America the clear global leader in both AI and cryptocurrency.

Background and Qualifications

David Sacks brings a wealth of experience to his new position:

Sacks is also known for his close associations with tech entrepreneurs like Elon Musk and Peter Thiel, being part of the “PayPal Mafia“.

Political Involvement

Sacks has been a vocal supporter of Trump during his campaign:

Implications for AI and Crypto Industries

The appointment of Sacks signals a potential shift towards more crypto-friendly policies and regulatory clarity for the digital asset industry. This move, along with Trump’s nomination of crypto advocate Paul Atkins to head the Securities and Exchange Commission, marks a departure from the stricter oversight approach seen under the previous administration.

As the White House AI and Crypto Czar, Sacks is expected to play a crucial role in shaping the future of these rapidly evolving technologies in the United States, potentially influencing their development and adoption on a global scale.

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