- 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 director.
- 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
Agencies under the United States Department of the Treasury Deputy Secretary
of the TreasuryAlcohol and Tobacco Tax and Trade Bureau · Community Development Financial Institutions Fund · Treasury Inspector General for Tax Administration · Internal Revenue Service · Office of the Comptroller of the Currency · Office of Thrift Supervision · Office of Tax Policy
Under Secretary
of the Treasury
for International AffairsOffice of East Asia · Office of South and Southeast Asia Nations · Office of Europe & Eurasia · Office of the Western Hemisphere · Office of International Monetary Policy · Office of Banking and Securities · Office of International Debt Policy · Office of Development Policy · Office of Financing Operations · Office of African Nations · Office of the Middle East & North Africa · Office of International Trade · Office of International Investment · Office of Trade Finance · Office of Technical Assistance · Office of Risk & Research Analysis · Exchange Stabilization FundUnder Secretary of
the Treasury for
Domestic FinanceAdvanced Counterfeit Deterrence · Bureau of the Public Debt · Federal Financing Bank · Financial Management Service · Office of Debt Management · Office of Financial Institutions · Office of Financial Markets · Office of Financial Stability · Office of Fiscal ServiceUnder Secretary of
the Treasury for Terrorism
and Financial IntelligenceTreasurer of the United States Categories:- Troubled Asset Relief Program
- United States government stubs
- Economics and finance stubs
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