Sheila Bair
Sheila Colleen Bair[1] (born April 3, 1954)[2] was the 19th Chair of the U.S. Federal Deposit Insurance Corporation (FDIC),[3] 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.
Sheila Bair | |
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President of Washington College | |
In office 2015–2017 | |
Preceded by | Jack Griswold |
Succeeded by | Kurt Landgraf |
Chair of the Federal Deposit Insurance Corporation | |
In office June 26, 2006 – July 8, 2011 | |
President | George W. Bush Barack Obama |
Preceded by | Martin Gruenberg (Acting) |
Succeeded by | Martin Gruenberg |
Assistant Secretary of the Treasury for Financial Institutions | |
In office July 2001 – June 2002 | |
President | George W. Bush |
Preceded by | Gregory Baer |
Succeeded by | Wayne Abernathy |
Chair of the Commodity Futures Trading Commission Acting | |
In office August 21, 1993 – December 21, 1993 | |
President | Bill Clinton |
Preceded by | William Albrecht (Acting) |
Succeeded by | Barbara Holum (Acting) |
Personal details | |
Born | Sheila Colleen Bair April 3, 1954 Wichita, Kansas, U.S. |
Political party | Republican |
Spouse(s) | Scott Cooper |
Children | 2 |
Education | University of Kansas (BA, JD) |
On August 1, 2015, she became the 28th president of Washington College in Chestertown, MD. She left Washington College on June 30, 2017 shortly after taking a position as a non-executive director for the state-owned Industrial and Commercial Bank of China.[4] Previously, Bair served as a member of the FDIC Board of Directors through July 8, 2011.[5]
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,[6] 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).[7] Bair began her career in the General Counsel's office of the former U.S. Department of Health, Education, and Welfare.[8]
Bair left the FDIC on July 8, 2011, when her five-year term expired.[9][10] She became a senior advisor to The Pew Charitable Trusts in August 2011.[11] 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.[12] Bull by the Horns: Fighting to Save Main Street from Wall Street and Wall Street from Itself was published September 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.[13] In March 2017, she joined the state-owned Industrial and Commercial Bank of China as a non-executive director.[4]
Bair is married to Scott P. Cooper and has two children, Preston and Colleen.
2008 financial crisis
Bair pressed the Basel Committee on Banking Supervision to adopt strong capital and leverage standards.[14]
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.[15]
2020 Coronavirus pandemic
In March 2020, Bair called for the Federal reserve to focus on getting credit flowing to U.S. businesses affected by the spreading coronavirus and workers losing their jobs.[16]
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."[17]
Awards
Bair received the John F. Kennedy Profile in Courage Award and Hubert H. Humphrey Civil Rights Award.[18]
In 2009, Bair was presented the Consumer Federation of America's Philip Hart Public Service Award.[19]
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.[20][21]
Publications
Library resources |
By Sheila Bair |
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- Bair, Sheila (2012). Bull by the horns : fighting to save Main Street from Wall Street and Wall Street from itself. New York: Free Press. ISBN 9781451672480. LCCN 2012039342.
- Bair, Sheila; illustrated by Judy Stead (2008). Isabel's car wash. Morton Grove, Illinois: Albert Whitman & Co. ISBN 9780807536520. LCCN 2007030956.
- Bair, Sheila; illustrated by Barry Gott (2006). Rock, Brock, and the savings shock. Morton Grove, Illinois: Albert Whitman & Co. ISBN 9780807570944. LCCN 2005026974.
References
- "Presidential Nomination: Sheila Colleen Bair". The White House website via Archives.gov. 2006-05-01. Retrieved 2009-03-08.
- Howard, Theresa (2008-10-03). "FDIC's Bair emerges as key player in bank rescues". USA Today.
- "FDIC: Board of Directors & Senior Executives". Fdic.gov. Archived from the original on 2010-11-23. Retrieved 2010-10-17.
- Miller, Matthew (March 27, 2017). "China's ICBC appoints former FDIC chief Bair as independent director". Reuters. Retrieved November 11, 2019.
- "FDIC: Board of Directors & Senior Executives". FDIC. Archived from the original on 23 November 2010. Retrieved 9 July 2011.
- "Bair, Sheila C.". Current Biography Yearbook 2010. Ipswich, MA: H.W. Wilson. 2010. pp. 23–26. ISBN 9780824211134.
- Cope, Debra; James Swann (October 2006). "Full plate, Open mind: Meet FDIC chairman Sheila Bair". Community Banker. Retrieved 2009-02-01.
- "FDIC: Tapping the Unbanked Market: Helping People Enter the Financial Mainstream". Fdic.gov. Retrieved 2010-10-17.
- Nocera, Joe (July 9, 2011). "Sheila Bair's Bank Shot". New York Times Magazine.
- "FDIC Chairman Sheila Bair leaving agency". USA Today. 2011-05-09.
- The Pew Charitable Trusts (2011). Former FDIC Chair Sheila C. Bair to Join Pew as Senior Advisor Archived 2012-09-09 at Archive.today. Retrieved May 12, 2012.
- "Former FDIC Chair to Lead Systemic Risk Council". 2012-06-06.
- William Alden (January 27, 2014). "Bair, Critic of the Revolving Door, Joins Board of Santander". New York Times. Retrieved 18 August 2014.
- Basel Committee said to consider 3% surcharge on biggest banks
- "Patricia Randell". Ensemble Studio Theatre. Retrieved April 3, 2019.
- Wiltermuth, Joy. "Exclusive: Fed is 'throwing money in the wrong place,' says Sheila Bair, former top banking regulator". MarketWatch. Retrieved 2020-03-18.
- "Forbes Most Powerful Women #2 Shelia C. Bair". Forbes.com. August 27, 2008. Retrieved 2011-07-18.
- "FDIC chair Sheila Bair to give 2010 Dole Lecture - KU News". University of Kansas. Retrieved 2010-10-17.
- "Thirty-Ninth Annual Awards Dinner" (PDF). Consumer Federation of America. June 17, 2009. Retrieved 2013-01-21. (hard to view)
- "BYU MPA Administrator of the Year". mpa.byu.edu. Archived from the original on 2012-05-19. Retrieved 2012-03-30.
- "Administrator of the Year and Graduation Banquet". mpaa.byu.edu. Archived from the original on 2012-04-19. Retrieved 2012-03-30.
External links
- Appearances on C-SPAN
- Sheila Bair on Charlie Rose
- Sheila Bair on IMDb
- "Sheila Bair collected news and commentary". Bloomberg News.
- "Sheila Bair collected news and commentary". The New York Times.
Political offices | ||
---|---|---|
Preceded by William Albrecht Acting |
Chairperson of the Commodity Futures Trading Commission Acting 1993 |
Succeeded by Barbara Holum Acting |
Preceded by Gregory Baer |
Assistant Secretary of the Treasury for Financial Institutions 2001–2002 |
Succeeded by Wayne Abernathy |
Preceded by Martin Gruenberg Acting |
Chairperson of the Federal Deposit Insurance Corporation 2006–2011 |
Succeeded by Martin Gruenberg |