Former FDIC chair joins Fannie Mae's board

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WASHINGTON — Former Federal Deposit Insurance Corp. Chair Sheila Bair has been named to the Fannie Mae board of directors, the mortgage company announced Wednesday.

Bair was the had of the FDIC from 2006 to 2011 during the throes of the financial crisis, and previously held posts at the Treasury Department, the Commodity Futures Trading Commission and the New York Stock Exchange.

Bair is a board director at numerous other organizations, including the Volcker Alliance, Thomson Reuters Corp. and the Industrial and Commercial Bank of China. She is also chair emerita of the Systemic Risk Council.

"Sheila is another tremendous addition to our exceptional Board of Directors," Fannie Mae CEO Hugh Frater said in a statement. “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."

Bair will serve on the Fannie Mae board’s compensation committee, nominating and corporate governance committee, and the risk policy and capital committee.

"We are extremely pleased to welcome Sheila to the Fannie Mae Board of Directors," Jonathan Plutzik, the board’s chair, said in a statement. "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.”

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