FDIC Statement on the Passing of Chairman William Isaac

WASHINGTON - The Federal Deposit Insurance Corporation (FDIC) is saddened by the news of the passing of former Chairman William Isaac. Mr. Isaac served as the 14th Chairman of the FDIC from 1981 through 1985. He was appointed to the FDIC Board of Directors in 1978 and was later named Chairman by President Ronald Reagan, becoming the youngest Chairman in the agency's history at that time.

During his tenure, he led the federal response to the banking and savings and loan crises of the 1980s. Some 3,000 banks and thrifts failed, including many of the largest regional banks throughout the country. Mr. Isaac is widely credited with helping to maintain stability in the financial system during this period of stress.

His contributions helped shape important discussions about bank supervision, resolution practices, and deposit insurance policy, and he remained an influential voice on banking issues long after his government service.

The FDIC extends its heartfelt condolences to his wife and family.