Money | Sheila Bair Sheila Bair to Leave FDIC in July Chair weathered financial crisis, oversaw closure of 350-plus banks By Newser Editors and Wire Services Posted May 9, 2011 6:10 PM CDT Copied FDIC Chair Sheila Bair testifies on Capitol Hill in Washington, Thursday, Sept. 30, 2010, before the Senate Banking Committee. (AP Photo/Manuel Balce Ceneta) 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. 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 guarantees bank deposits up to $250,000. The FDIC says Bair will chair a final board meeting during the first week of July. Read These Next Trump may be targeting this city next due to a misleading news report. A pastor's dream factored in the discovery of hiker's remains. Pilot who tried to cut engines won't be going to state prison. There's a vast supply of fresh water under the ocean. Report an error