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April 11, 2006
Contact: Todd Cohen, University Relations, (785) 864-8858.

Bush expected to nominate KU graduate to lead the Federal Deposit Insurance Corp.

June 26 update: Bair was sworn in as FDIC chairwoman today in Washington. The U.S. Senate confirmed her nomination June 15.

May 3 update: According to a White House news release, President Bush intends to nominate Sheila Bair to be chair of the FDIC for a five-year term and a member through 2013.

LAWRENCE — University of Kansas graduate Sheila Bair is expected to be nominated by President Bush to oversee the Federal Deposit Insurance Corp., according to media reports.

Bair, an Independence, Kan., native who earned a bachelor’s degree in philosophy in 1975 and a law degree in 1978 at KU, is a professor at the University of Massachusets in Amherst. She previously was assistant U.S. Treasury secretary for financial institutions in 2001-02

Earlier she was a consultant to the chairman of the New York Stock Exchange, and from 1995 to 2000 was senior vice president for government relations for the NYSE. From 1991 to 1995, Bair served as commissioner on the Commodity Futures Trading Commission.

Bair’s nomination to lead the FDIC is expected in a few days, according to numerous news reports today including the Wall Street Journal.

If nominated and confirmed by the Senate, Bair could be thrust into the middle of the ongoing debate on Wal-Mart’s plans to start its own bank. Wal-Mart Stores Inc. has submitted an application to the FDIC for deposit insurance and public FDIC hearings on the matter begin next week.

The FDIC is an independent agency created by Congress during the Great Depression to insure private bank accounts. It insures up to $100,000 in deposits in individual accounts and up to $250,000 for individual retirement accounts held in banks.

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