WASHINGTON-Former Treasury official Sheila Bair was sworn in last week as the 19th chairman of the FDIC.

"I am pleased to be joining the FDIC at such an important time. There are many critical issues facing the agency-from implementation of deposit insurance reform to our ongoing work on Basel II and IA," she said. "I've spent most of my career in the financial services arena, focusing on the banking sector in recent years, so I am very familiar with the FDIC's important work. I am looking forward to the challenges that lie ahead, and working closely with our highly experienced Board and excellent staff."

Bair had previously served as a commissioner on the Commodity Futures Trading Commission, senior vice president for government relations of the New York Stock Exchange, assistant secretary for financial institutions at Treasury, and, most recently, professor at the University of Massachusetts.