FDIC Head Bair to Step Down Effective July 8

Sheila Bair is stepping down as chairman of the Federal Deposit Insurance Corp. this summer, ending a five-year term in which she helped craft the government's response to the 2008 financial crisis.

Sheila Bair
Sheila Bair

The FDIC says Bair will leave her post as one of the government's top bank regulators on July 8.

Bair was among the first officials to raise concerns about the explosion in high-risk lending to borrowers with bad credit. Under her tenure, the agency closed more than 350 banks since the crisis peaked in late 2008.

The FDIC is charged with maintaining public confidence in the banking system. The agency guarantees bank deposits up to $250,000.

The FDIC says Bair will chair a final board meeting during the first week of July.