William M. Isaac headed the Federal Deposit Insurance Corporation during the banking crisis of the 1980s, serving under Presidents Carter and Reagan from 1978 through 1985. Isaac served as chairman of the FDIC during one of the most tumultuous periods in U.S. banking history. Some 3,000 banks and thrifts failed during the 1980s, including Continental Illinois and nine of the ten largest banks in Texas. Mr. Isaac was appointed to the board of the FDIC by President at the age of 34, making him the youngest FDIC board member and chairman in history. Isaac also served as chairman of the Federal Financial Institutions Examination Council (1983-85), as a member of the Depository Institutions Deregulation Committee (1981–85), and as a member of the Vice President’s Task Group on Regulation of Financial Services (1984). Isaac is involved extensively in thought leadership relating to the financial services industry. He is the author of Senseless Panic: How Washington Failed America with a foreword by legendary former Federal Reserve Chairman Paul Volcker. Senseless Panic provides an inside account of the banking and S&L crises of the 1980s and compares that period to the financial crisis of 2008-2009. Isaac is a senior managing director of FTI Consulting and serves as Global Head of FTI’s Financial Institutions practice. The financial institutions group provides regulatory counseling and risk management services, strategy consulting, expert testimony, and corporate governance consulting. Isaac serves as a member of the board of TSYS, a leading world-wide payments system processing company and is former Chairman of Fifth Third Bancorp, one of the nation’s leading banking companies.
The U.S. government has overstepped its bounds as conservator to Fannie Mae and Freddie Mac and should either let them wind them down or resurrect.
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