Press Releases Sara A. Kelsey Appointed FDIC General Counsel
FOR IMMEDIATE RELEASE January 3, 2007
Media Contact: David Barr 202-898-6992
FDIC Chairman Sheila Bair today announced the appointment of Sara A.
Kelsey, Deputy Superintendent and General Counsel of the New York State
Banking Department, as the agency's new General Counsel. The appointment
was unanimously approved by the FDIC Board of Directors.
The FDIC General Counsel is in charge of the Legal Division, which is
responsible for legal work on regulatory issues, as well as FDIC
transactions, litigation, and corporate and commercial claims. The Legal
Division currently has 408 employees nationwide.
In making the announcement, Chairman Bair said, "I am very pleased that
Sara Kelsey is joining the FDIC as General Counsel. Her federal and state
regulatory experience, combined with the many years she spent working in
the industry, give her a depth and diversity of perspectives which will
serve her well in heading up our Legal Division. The FDIC is facing a
number of significant and complex legal issues; her strong reputation,
formidable technical skills, and high stature in the banking bar make her
an ideal choice to lead our outstanding team of lawyers."
Douglas H. Jones has served as Acting General Counsel of the FDIC since
the departure of former General Counsel William F. Kroener in December of
2005. Mr. Jones will return to his previous position as Senior Deputy
General Counsel of the Legal Division. "Doug's leadership of the Legal
Division for the past year has been exemplary. We have made considerable
demands on him, and he has delivered for us time and again. I feel very
fortunate that we will continue to benefit from his sound judgment and
wise counsel," said Chairman Bair.
Before joining the New York State Banking Department in 1998, Ms.
Kelsey was Counsel at Skadden, Arps, Slate, Meagher & Flom LLP, New
York, NY, where she concentrated on bank, thrift and other financial
institution mergers and acquisitions. She spent 10 years with The Chase
Manhattan Bank, most recently as Senior Vice President and Associate
General Counsel, structuring and implementing mergers and acquisitions.
Ms. Kelsey began her legal career with the Board of Governors of the
Federal Reserve System, Washington, DC, where she handled bank and bank
holding company matters.
Ms. Kelsey received a J.D. in 1976 from New York University School of
Law and is a member of the New York State Bar. She graduated from the
University of California at Berkeley in 1973.
She recently served as an Adjunct Professor at The Morin Center for
Banking and Financial Law, Boston University School of Law, and is a past
Chair of the Subcommittee on Legislation and Regulation of the Banking Law
Committee of the American Bar Association.
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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 8,743 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