• Outgoing Federal Deposit Insurance Corporation chair Sheila Bair appears before the House Financial Services committee to discuss the agency's role during and after the financial crisis. Bair calls on regulators to show political courage to do their work effectively and take on weak practices and excessive risk-taking. Key quote: "The history of the crisis shows many examples when regulators acted too late, or with too little conviction, when they failed to use authorities they already had or failed to ask for the authorities they needed to fulfill their mission.