Name Sheila Bair Resigned 1995 | Preceded by Richard Carnell Spouse Scott P. Cooper Role College Professor | |
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President George W. BushBarack Obama Preceded by Martin Gruenberg (Acting) Books Bull by the Horns: Fighting t, Rock - Brock and the Savin, Isabel's Car Wash, The Bullies of Wall Street: Th Similar People Mary Schapiro, Timothy Geithner, Brooksley Born, Martin J Gruenberg, Lawrence Summers | ||
Fdic chairman sheila bair speaks at umass amherst isenberg school of management
Sheila Colleen Bair (born April 3, 1954) was the 19th Chair of the U.S. Federal Deposit Insurance Corporation (FDIC), during which time she assumed a prominent role in the government's response to the 2008 financial crisis. She was appointed to the post for a five-year term on June 26, 2006 by George W. Bush.
Contents
- Fdic chairman sheila bair speaks at umass amherst isenberg school of management
- Sheila Bair on the concept of free college education
- Early life
- Career
- 2008 financial crisis
- Reputation
- Awards
- Publications
- References
On August 1, 2015, she became the 28th president of Washington College in Chestertown, MD. Previously, Bair served as a member of the FDIC Board of Directors through July 8, 2011.
Sheila Bair on the concept of free college education
Early life
Bair is a native of Independence, Kansas. Her father, Albert, was a surgeon. Her mother, Clara, was a nurse and housewife. She received her bachelor's degree in philosophy from the University of Kansas in 1975, and worked as a bank teller for a brief period, before receiving a J.D. from the University of Kansas School of Law in 1978. In 1981, she was recruited by Senator Bob Dole, a Republican from her state, to serve as counsel on his staff in Washington.
Career
Prior to her appointment at the FDIC, Bair was the Dean's Professor of Financial Regulatory Policy for the Isenberg School of Management at the University of Massachusetts Amherst, a post she had held since 2002. She also served as Assistant Secretary for Financial Institutions at the U.S. Department of the Treasury (2001 to 2002), Senior Vice President for Government Relations of the New York Stock Exchange (1995 to 2000), a Commissioner and Acting Chair of the Commodity Futures Trading Commission (1991 to 1995), and Research Director, Deputy Counsel and Counsel to Kansas Republican Senate Majority Leader Bob Dole (1981 to 1988). While an academic, Bair also served on the FDIC's Advisory Committee on Banking Policy. Bair also pursued a seat in the U.S. Congress (she lost the 1990 Republican nomination in the 5th Kansas district by 760 votes to Dick Nichols). Bair began her career in the General Counsel's office of the former U.S. Department of Health, Education, and Welfare.
Bair left the FDIC on July 8, 2011, when her five-year term expired. She became a senior advisor to The Pew Charitable Trusts in August 2011. She is chair of the Systemic Risk Council, a volunteer effort formed by the CFA Institute and the Pew Charitable Trusts to monitor and comment on regulation. Bull by the Horns: Fighting to Save Main Street from Wall Street and Wall Street from Itself was published Sept. 25, 2012. Bair has also written two books for children that encourage savings: Rock, Brock and the Savings Shock (2006) and Isabel's Car Wash (2008). Bair joined the board of Banco Santander in January 2014, even though she has been a critic of revolving door.
Bair is married to Scott P. Cooper and has two children, Preston and Colleen.
2008 financial crisis
Bair assumed a prominent role in the government's response to the 2008 financial crisis, including bolstering public confidence and system stability that resulted in no runs on bank deposits. The FDIC did not turn to taxpayer borrowing to manage its losses and liquidity needs, instead funding them through its traditional means of assessing banks for the cost of insuring their deposits. The FDIC's resolution practice of selling failing banks to healthier institutions, while providing credit support of future losses from failed banks' troubled loans, saved the FDIC's Deposit Insurance Fund $40 billion over losses it would have incurred if the FDIC had liquidated those banks.
During the congressional effort to reform the financial regulatory system, Bair successfully pushed to establish tools to end the doctrine of "too big to fail" by extending the FDIC's resolution process to large, systemically-important financial institutions. The FDIC was also given joint authority to order the restructuring of an entity that cannot demonstrate, through a continually-monitored "living will," that it can be unwound.
Bair is active on the international front, and pressed the Basel Committee on Banking Supervision to adopt strong capital and leverage standards.
In a fictional TV movie about the crises, Patricia Randell played Bair in the 2011 HBO movie Too Big to Fail, based on the popular book of the same name by New York Times journalist Andrew Ross Sorkin.
Reputation
In 2009, Bair was named one of Time magazine's "Time 100" most influential people. In 2008, Bair topped The Wall Street Journal's annual 50 "Women to Watch List." In 2008 and 2009, Forbes ranked her as the second most powerful woman in the world behind German chancellor Angela Merkel. Forbes described her FDIC office as "the last stop for capital-starved banks (and their insured customers) before going under."
Awards
Bair has received many awards, including the John F. Kennedy Profile in Courage Award and Hubert H. Humphrey Civil Rights Award.
In 2009, Bair was presented the Consumer Federation of America's Philip Hart Public Service Award.
On March 29, 2012 Bair was honored by the Romney Institute of Public Management (BYU Marriott School of Management) as the Administrator of the Year.