Sheila Bair

Sheila Bair is an American financial regulator, academic, and author renowned for her tenure as the 19th Chair of the Federal Deposit Insurance Corporation (FDIC) during the 2008 financial crisis. Appointed by President George W. Bush and retained by President Barack Obama, she became a prominent and often prescient voice advocating for stronger consumer protections and more aggressive intervention to stabilize the banking system. Her post-regulatory career has focused on financial reform advocacy, serving in leadership roles at non-profits like the Pew Charitable Trusts and authoring several books on economic policy.

Early life and education

Sheila Bair was born in Independence, Kansas, and developed an early interest in public policy. She earned her Bachelor of Arts in Philosophy from the University of Kansas in 1975. She continued her education at the University of Kansas School of Law, receiving her Juris Doctor in 1978, where she was an editor for the Kansas Law Review. Her academic foundation in law and philosophy shaped her later approach to regulatory issues, emphasizing clear rules and ethical governance within the financial sector.

Career before the FDIC

Bair's early career included serving as counsel to former Senate Majority Leader Bob Dole from 1981 to 1988, providing her with deep insight into the Congressional legislative process. She later served as a Commissioner on the Commodity Futures Trading Commission (CFTC) from 1991 to 1995. Following her government service, she worked as a Senior Vice President for Government Relations at the New York Stock Exchange and taught as a Professor at the University of Massachusetts Amherst's Isenberg School of Management. From 2002 to 2006, she served as the Assistant Secretary for Financial Institutions at the United States Department of the Treasury, focusing on financial market policy.

FDIC chairmanship

Appointed by President George W. Bush, Bair assumed leadership of the Federal Deposit Insurance Corporation in June 2006. As the subprime mortgage crisis intensified, she frequently warned about the risks of predatory lending and complex financial instruments like mortgage-backed securities. During the peak of the crisis, she oversaw the resolution of numerous failed banks, including the monumental collapse of Washington Mutual, and played a key role in implementing the Troubled Asset Relief Program (TARP). She was a strong proponent of the deposit insurance fund and advocated for programs like the Home Affordable Modification Program to prevent foreclosures, often clashing with other regulators at the Treasury and the Federal Reserve.

Post-FDIC career and advocacy

After leaving the Federal Deposit Insurance Corporation in 2011, Bair served as President of Washington College in Chestertown, Maryland, until 2015. She has held influential positions such as Chair of the Systemic Risk Council and Senior Advisor to the Pew Charitable Trusts. A prolific author, she has written books including Bull by the Horns and the children's financial literacy series Money Tales. She remains a frequent commentator on financial news networks like CNBC and has served on the boards of major corporations like the Depository Trust & Clearing Corporation (DTCC) and Santander Bank.

Personal life

Sheila Bair is married to Scott P. Cooper, and they have two children. She maintains a connection to her roots in Kansas and is known for her advocacy for financial literacy, often speaking publicly on the subject. Her awards include being named one of the "World's 100 Most Powerful Women" by Forbes magazine and receiving the John F. Kennedy Profile in Courage Award in 2012 for her regulatory work during the financial crisis.

Category:American financial regulators Category:Federal Deposit Insurance Corporation officials Category:1953 births Category:Living people