Bair Said to Rule Out Leading Consumer Agency After Dodd’s Push

Federal Deposit Insurance Corp. Chairman Sheila Bair has taken herself out of the running to lead the new U.S. consumer-protection agency after her name was put forward by Senate Banking Committee Chairman Christopher Dodd, a person with direct knowledge of the matter said.

President Barack Obama probably will choose Harvard law professor Elizabeth Warren or Assistant Treasury Secretary Michael Barr to run the Bureau of Consumer Financial Protection, according to a person familiar with the matter who spoke on condition of anonymity because the talks are private. The decision is unlikely to come before Congress goes on recess next week, according to another person familiar with the matter.