This week on Q&A, our guest is former Federal Deposit Insurance Corporation Chairman Sheila Bair. She discusses her new book titled “Bull By The Horns: Fighting to Save Main Street From Wall Street and Wall Street From Itself.” She talks about her nomination by President Bush and approval by the Senate in 2006.
In 2009 she was asked to remain in office for the remainder of her five year term by the incoming Obama administration. She describes the onset of the country’s worst financial crisis since the depression, and describes efforts to repair the economy. Bair speaks about her relationships with Treasury Secretary Hank Paulsen and Federal Reserve Chairman Ben Bernanke. She speaks of the basic philosophical differences she had with Treasury Secretary Timothy Geithner and reports that she frequently found herself at odds with him. She describes the behind the scenes role the government played in bailing out several banks and financial institutions. Bair is highly critical of the bailouts as well as the lax regulation that led to the economic crash.
Sheila Bair received a Bachelor’s Degree in philosophy from the University of Kansas and her Juris Doctorate from the University of Kansas Law School. Prior to the FDIC, she served as top adviser to former Senate Majority Leader Robert Dole, as Assistant Secretary for Financial Institutions at the Treasury Department, and as Senior Vice President for Government Relations of the New York Stock Exchange. This is her third book. She and her husband have two children and live in Washington, DC.