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 CBS News boss pulls 60 Minutes segment critical of Trump policy. Trump makes a new move on Greenland, and Denmark isn't happy. Camera records 'dirty eruption' at Yellowstone National Park. Feds strike another blow in war on wind turbines. Report an error