Office of Financial Stability
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Office of Financial Stability
The Office of Financial Stability is a new office within the Office of Domestic Finance of the United States Treasury created by the Emergency Economic Stabilization Act of 2008 to operate the Troubled Assets Relief Program.[1]
OFS is headed by an Assistant Secretary of the Treasury for Financial Stability, appointed by the President, confirmed by the United States Senate, except that an interim Assistant Secretary may be appointed by the Secretary. [2]
On October 6, 2008, it was announced that Neel Kashkari, a former executive at Goldman Sachs, would be the interim head of the Office of Financial Stability.[3]
As of April 14, 2009, it has been rumored that Herbert M. Allison, the current chief executive at Fannie Mae, will be selected to head the Office of Financial Stability.[4][5] The announcement reportedly hasn't been made because of the high number of vacancies at Fannie Mae and Freddie Mac.[6]
Staff
Initial staff members were announced on October 13, 2008, CIO position revised October 22, 2008:
- James H. Lambright, interim chief investment officer. On loan from the Export-Import Bank. State Department Under Secretary Reuben Jeffery was originally selected for the position.[7]
- Howard Schweitzer, interim chief operating officer. Previously General Counsel at Export-Import Bank.
- Jonathan Fiechter, interim chief risk officer. Previously deputy director of the International Monetary Fund's monetary and capital markets department.
- Donald Hammond, interim chief compliance officer. Previously deputy director of the Federal Reserve payments division.
- Thomas Bloom, interim chief financial officer. On loan from the Office of the Comptroller of the Currency.
- Donna Gambrell will "lead the program's efforts to preserve homeownership". Previously, head of the Treasury's Community Development Financial Institutions Fund.[8]
References
- ^ Summary of the Emergency Economic Stabilization Act of 2008 United States Senate Committee on Banking, Housing and Urban Affairs. (Retrieved October 2, 2008)
- ^ Complete text of the Emergency Economic Stabilization Act of 2008 (Retrieved October 9, 2008
- ^ Jeanne Sahadi (October 6, 2008). "Paulson taps bailout chief". CNN. http://money.cnn.com/2008/10/06/news/economy/treasury_hiring_guidelines/index.htm.
- ^ Zachary A. Goldfarb (April 14, 2009). "Treasury Plans to Tap Fannie Mae Chief to Run Bailout". Washington Post. http://www.washingtonpost.com/wp-dyn/content/article/2009/04/13/AR2009041303257.html?hpid=topnews.
- ^ Stephen Labaton (April 14, 2009). "Candidate for Bailout Post Faces Possible Delay". New York Times. http://www.nytimes.com/2009/04/15/business/15allison.html?ref=politics.
- ^ Stephen Labaton (April 14, 2009). "Offices Go Vacant at Fannie and Freddie". New York Times. http://www.nytimes.com/2009/04/15/business/economy/15fannie.html?ref=business.
- ^ The Deal (October 22, 2008). "Treasury taps Ex-Im's Lambright for TARP position". New York: The Deal. http://www.thedeal.com/dealscape/2008/10/treasury_taps_exims_lambert_fo.php.
- ^ Christie, Rebecca and Schmidt, Robert (October 13, 2008). "Treasury to Invest in `Healthy' Banks, Kashkari Says". New York: Bloomberg. http://www.bloomberg.com/apps/news?pid=20601103&sid=a635XsuB2s5k&refer=us.
External links
- FinancialStability.gov - Official website
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