(WASHINGTON, D.C.) -- The Federal Deposit Insurance Corporation announced Monday that Charmain Sheila Bair will step down from her post on July 8.
Bair's term officially ends on June 30, but she will stay on an extra week to vote on "living wills" in a board meeting. Living wills would require financial firms with upwards of $50 billion to report their debts, cash flows, and funding.
President Obama will need to appoint a new chairman of the FDIC, along with a new head of the Consumer Financial Protection Bureau. Bair has said that she plans to pen a book and make up for lost time with her family.
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