Sheila Bair today officially stepped down as the Federal Deposit Insurance Corp.'s (FDIC) Chairman.

According to an FDIC press release, Bair will be joining Pew Charitable Trusts as a senior advisor on Sept. 7 after spending the summer with her family.

She has served as Chairman since June 26, 2006. Vice Chairman Martin Gruenberg will be acting chairman effective as of the close of business today. He has been vice chairman of the FDIC Board of Directors since August 22, 2005 and was also previously acting chairman from November 15, 2005 to June 26, 2006.

"It is with great pride that I leave the FDIC after the completion of my five year term. It has been a remarkable journey." Bair said in a statement. "I feel honored to have served two Presidents and privileged to have led this great agency that worked so effectively to preserve confidence and stability in the banking system at a critical time. While I will truly miss the organization, I have the utmost confidence in Marty's stewardship of the FDIC and its unparalleled professional staff."


Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.