FDIC’s Bair to step down July 8

The FDIC head played a prominent role during the 2008 financial crisis, including calling on her agency to raise the cap on FDIC-insured deposits to $250,000. 

She’s also been heavily involved in the implementation of the Dodd-Frank financial regulatory overhaul. 

Bair has been mentioned as a potential choice to head up the new Consumer Financial Protection Bureau (CFPB), which is expected to be up and running by July 21. 

On that front, public-interest groups are urging President Obama to appoint current White House adviser Elizabeth Warren to lead the new agency, following Republican threats to block any nominee until the CFPB’s authority is curtailed. 

Warren is the front-runner for the job; the president could appoint her to lead the agency during a Senate recess. 

The House Financial Services Committee has been working on legislation to pare back the agency’s scope and require a board to lead decisions instead of a single person.