Fannie Mae appoints former FDIC chair to board of directors

Fannie Mae has announced the appointment Sheila Bair, the former chair of the Federal Deposit Insurance Corporation (FDIC), to its board of directors.

In her role as a board member, Bair will serve the on the board’s compensation committee, the nominating and corporate governance committee, as well as the risk policy and capital committee.

Blair has served as assistant secretary for financial institutions at the US Department of the Treasury, senior vice president for government relations at the New York Stock Exchange (NYSE), and commissioner of the Commodity Futures Trading Commission (CFTC).

"Sheila is another tremendous addition to our exceptional board of directors," Fannie Mae Chief Executive Officer Hugh Frater said. "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. 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."

From 1981 to 1988, Blair served as counsel to ex-Sen. Bob Dole and later joined NYSE as counsel for two years.

At present, Bair is a member of the boards of various companies including Thompson Reuters, Host Hotels & Resorts, Industrial and Commercial Bank of China, Paxos Trust Company, Kabompo Holdings, and the Volcker Alliance.

"We are extremely pleased to welcome Sheila to the Fannie Mae board of directors," said Chair of the Board Jonathan Plutzik. "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."