Sheila Bair, who was the chairwoman of the Federal Deposit Insurance Corp. during the 2008 financial crisis, has been named president of Maryland's Washington College, a private liberal arts school.

She will be the first female president at the college, which was founded in 1782.

This year Bair published a young adult novel titled "The Bullies of Wall Street," a fictional account of the financial meltdown.

Bair was appointed by George W. Bush and led the FDIC 2006 to 2011. Washington College named her as president on Wednesday and she takes over on Aug. 1.

Bair earned a bachelor's degree in philosophy at the University of Kansas in 1974 and a law degree from the University of Kansas School of Law in 1978.