FDIC Chairman Sheila C. Bair said, "I am deeply saddened to hear of the passing of Bill Seidman. Bill was a dynamic and independent leader, presiding over a similarly challenging period in the FDIC's history with courageous leadership and sharp intellect. He has always maintained the respect and affection of FDIC employees. His plain-speaking and straightforward approach made him a gifted communicator. I will miss his wisdom and insight and mourn the loss of a faithful public servant. My thoughts and prayers are with his family."
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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 8,305 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars – insured financial institutions fund its operations.
FDIC press releases and other information are available on the Internet at www.fdic.gov, by subscription electronically (go to www.fdic.gov/about/subscriptions/index.html) and may also be obtained through the FDIC's Public Information Center (877-275-3342 or 703-562-2200). PR-70-2009