Fannie Mae (OTCQB: FNMA) today announced that Sheila C. Bair has been appointed to the board of directors.

Bair served as the chair of the Federal Deposit Insurance Corporation (FDIC), assistant secretary for Financial Institutions at the U.S. Department of the Treasury, senior vice president for government relations of the New York Stock Exchange (NYSE), and commissioner of the Commodity Futures Trading Commission (CFTC).

Sheila Bair.
Sheila Bair.

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

"Sheila is another tremendous addition to our exceptional board of directors," said Hugh R. Frater, chief executive officer. "Throughout her career 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."

Bair has been appointed to the compensation committee, the nominating and corporate governance committee, and the risk policy and capital committee of the board.

Previously, Bair has served as president of Washington College, from 2015 to 2017, senior advisor to the Pew Charitable Trusts, from 2011 to 2015, and senior advisor to international law firm DLA Piper, from 2014 to 2015. From 2002 to 2006, Bair was the dean's professor of financial regulatory policy for the Isenberg School of Management at the University of Massachusetts-Amherst. She also served as counsel to the NYSE from 1988 to 1990, and counsel to Senator Bob Dole from 1981 to 1988.