Bair Completes Term as FDIC Chair

Sheila C. Bair has officially stepped down as FDIC chair. Bair has served as chair since June 26, 2006. Vice Chairman Martin J. Gruenberg will assume the role of acting chairman effective as of the close of business today. Gruenberg has served as vice chair of the FDIC board of directors since Aug. 22, 2005. He has previously served as acting chair from Nov. 15, 2005 to June 26, 2006. "It is with great pride that I leave the FDIC after the completion of my five-year term," said Bair. "It has been a remarkable journey. I feel honored to have served two Presidents and privileged to have led this great agency that worked so effectively to preserve confidence and stability in the banking system at a critical time. While I will truly miss the organization, I have the utmost confidence in Marty's stewardship of the FDIC and its unparalleled professional staff." Chair Bair will join the Pew Charitable Trusts as a senior advisor on Sept. 7, after spending the summer with her family. "Her [Bair's] dedicated implementation of Dodd-Frank gives me confidence that the FDIC will be prepared to perform an orderly resolution if necessary," said John Ducrest, chairman of the Conference of State Banking Supervisors (CSBS). "The relationship between state regulators and the FDIC is a special one. We are supervisory partners and work hand-in-hand on a daily basis. I commend her for her steadfast focus on the long-term health and success of the financial system as a whole."