With the company seemingly moving closer to being returned to its pre-crisis state as a private company, Fannie Mae is bringing on some serious banking experience to help guide the government-sponsored enterprise’s future.
Fannie Mae announced Wednesday that Sheila Bair, the chair of the Federal Deposit Insurance Corp. during the financial crisis, is joining the GSE’s board of directors.
Bair served as chair of the FDIC from 2006 to 2011, playing a key role in the country’s response to the financial crisis.
Bair left the FDIC in June 2011 to join Pew Charitable Trust as a senior advisor, a role she held from 2011 through 2015. Bair also served as president of Washington College from 2015 to 2017, and senior advisor to international law firm DLA Piper, from 2014 to 2015.
Earlier in her career, Bair was assistant secretary for financial institutions at the Department of the Treasury, senior vice president for government relations of the New York Stock Exchange, and commissioner of the Commodity Futures Trading Commission.
Bair also served as counsel to the NYSE from 1988 to 1990, and counsel to former Sen. Bob Dole, R-Kansas from 1981 to 1988.
These days, Bair serves as a member of the board of directors of the Thomson Reuters, the board of directors of Host Hotels & Resorts, the board of directors of the Industrial and Commercial Bank of China, and on the boards of Paxos Trust Company, and its parent Kabompo Holdings, and the Volcker Alliance.
And now, Bair will also be serving on the board of Fannie Mae.
“We are extremely pleased to welcome Sheila to the Fannie Mae board of directors,” said Jonathan Plutzik, Fannie Mae’s chair of the board. “Her vast experience and proven leadership in some of the world’s most prominent financial, regulatory, and private sector organizations will provide unique and valuable insights to Fannie Mae. We are fortunate for the opportunity to work with her.”
Bair will serve on several committees as part of her role on Fannie Mae’s board, having been appointed to the compensation committee, the nominating and corporate governance committee, and the risk policy and capital committee of the board.
“Sheila is another tremendous addition to our exceptional board of directors,” Fannie Mae CEO Hugh Frater said.
“Throughout her career she has demonstrated strong banking and financial services prowess, a fierce commitment to affordable lending solutions, and deep business strategy, risk management, and regulatory expertise,” Frater added. “She will help guide us as we continue to deliver against our strategic priorities, transform the mortgage experience for our customers and partners, and address our country’s pressing housing needs.”