Mr. Franklin D. Raines
Chairman and Chief
Executive Officer, Fannie Mae
Franklin Delano Raines
is Chairman and Chief Executive Officer of Fannie Mae, a New
York Stock Exchange company and the largest non-bank financial
services company in the world. Fannie Mae is the nation’s
largest source of financing for home mortgages. He became
Chairman and Chief Executive Officer on January 1, 1999.
The Fannie Mae Board of Directors directed Raines as the
successor to James A. Johnson in April 1998. From May through
December 31, 1998, Raines served as Chairman and CEO-Designate.
Raines stepped down as Director of the Office of Management and
Budget (OMB) and a member of the President Clinton’s Cabinet on
May 20, 1998, after two years of service. Raines was the
President’s key negotiator in the talks that led to passage of
the bipartisan Balanced Budget Act of 1997. Raines was the first
OMB director in a generation to balance the federal budget.
Raines also helped the President manage the federal government
by coordinating procurement, financial management, information
technology, and regulatory policies for all federal agencies.
From 1991 to 1996, Raines was with Lazard Frères & Company, a
leading global financial advisory firm, for 11 years where he
was a general partner. Before joining Lazard Frères, he served
from 1977 to 1979 as Associate Director for Economics and
Government in the Office of Management and Budget and Assistant
Director of the White House Domestic Policy Staff.
Raines serves as a member of the board of directors of Fannie
Mae, Pfizer Inc., AOL Time Warner, Inc., PepsiCo, Inc., the
Enterprise Foundation, and the National Urban League. He
formerly served as Chairman of the Visiting Committee of the
Harvard Kennedy School of Government and President of the Board
of Overseers of Harvard University.
Raines served as a member of the congressionally mandated
Commission on Roles and Missions of the Armed Forces. He has
also served on a number of federal and state public policy
advisory groups regarding tax equity, government service,
education, poverty, and welfare reform.
Raines was elected a Fellow of the American Academy of Arts and
Sciences, and a member of The Business Council, The Business
Roundtable, the Trilateral Commission, the National Academy of
Social Insurance, and the Council on Foreign Relations.
Raines graduated magna cum laude with a B.A. degree from Harvard
College. He received his J.D. degree cum laude from Harvard Law
School. He also attended Magdalen College, Oxford University as
a Rhodes Scholar. Mr. Raines and his beloved wife, Wendy, are
the proud parents of three cherished daughters: Andrea, Laura,