President Nominates FDICHead

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WASHINGTON - (05/03/06) – The White House announced thenomination of former assistant Treasury Secretary Sheila Bair aschairman of the FDIC. Bair, who served as one of Treasury’stop liaisons to financial institutions, has been teaching financeat the University of Massachusetts graduate school of businesssince leaving Treasury in 2004. Bair’s nomination must now beconfirmed by the Senate. The seating of a chairman and fifth memberof the FDIC Board is considered critical to FDIC making a finaldecision on the controversial Wal-Mart application for a bankcharter.

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