Sheila C. Bair, the former chairman of the Federal Deposit Insurance Corp. (FDIC) during the 2008 financial crisis, will be the next board chair for mortgage behemoth Fannie Mae as of Nov. 20, the company said Wednesday.
A member of the board since 2019 of the government-sponsored enterprise (in receivership beginning in 2008), she was unanimously elected to the board chairmanship by her fellow board members. She succeeds Jonathon Plutzik in the position; Plutzik remains on the board. Since joining the board, the former FDIC chairman has served as a member of the Community Responsibility & Sustainability, the Nominating and Corporate Governance, and the Risk Policy and Capital Committees.
“Sheila’s deep well of experience will provide strong leadership as Fannie Mae works with the Federal Housing Finance Agency to exit conservatorship while simultaneously fulfilling our mission to provide access to safe, affordable mortgage financing,” Plutzik said in a statement Wednesday announcing Bair’s new position.