Sheila Bair

Sheila Bair served as Chairman of the Federal Deposit Insurance Corporation from 2006 to 2011, overseeing the agency through the failure of over 400 banks during the 2008 financial crisis — the largest bank failure wave since the S&L crisis. Bair frequently clashed with Treasury Secretary Geithner and the Fed over the scope of bank bailouts, arguing that creditors should share losses rather than being made whole. She wrote "Bull by the Horns" (2012) documenting her battles over crisis policy. Bair has remained an outspoken advocate for financial reform and bank accountability. Before the FDIC, she served as Assistant Secretary of the Treasury for Financial Institutions and as a commissioner of the CFTC. Her advocacy for mortgage modification programs — encouraging voluntary principal reductions to prevent foreclosures — put her at odds with Treasury officials who favored a more bank-friendly approach. The FDIC under her leadership developed new resolution authority concepts that were incorporated into the Dodd-Frank Act's orderly liquidation authority. She was recognized by TIME and other publications as one of the most influential figures in the financial crisis response. After government service, she chaired the Systemic Risk Council and has continued writing and advocating on financial regulation topics.