- David Nason
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David Nason 
Assistant Secretary for Financial Institutions, U.S. Treasury In office
June 2007 – January 2009President George W. Bush Preceded by Emil Henry Succeeded by Michael S. Barr Personal details Born October 6, 1970
Providence, Rhode Island, U.S.Political party Republican Spouse(s) Nicole Nason Children 2 daughters
1 sonAlma mater B.S./B.A. American University
J.D. Washington College of LawProfession Financial David G. Nason (b. October 6, 1970) is senior vice president and global regulatory management and compliance officer for GE Capital. Previously, he served as Assistant Secretary for Financial Institutions under Treasury Secretary Henry M. Paulson, during which time he was a key architect of the federal government's response to the financial crisis of 2008.
Contents
Private sector
GE Capital, 2010-
In August 2010, Nason was named senior vice president and global regulatory management and compliance officer for GE Capital. In this role, Nason leads the global regulatory and compliance team and is preparing GE Capital for the changing regulatory environment in markets around the world. Nason is one of 199 GE officers globally.[1]
Promontory Financial Group, 2009-2010
As a managing director at Promontory Financial Group, Nason advised financial institutions on strategic matters including corporate governance, risk and financial controls, due diligence, potential combinations and regulatory requirements.[2] Nason was a frequent commentator on Bloomberg and CNBC, and a sought-after source on financial matters among other national media. In May 2009, he testified before the Senate Committee on Homeland Security & Governmental Affairs, urging Congress to modernize U.S. regulatory structures so they keep up with the financial innovations driven by rapid capital mobility, deep liquidity and technology.[3] He stressed that such regulation must be balanced with the need to spur innovation and profitability.
In December 2009, in an opinion piece in the New York Times, Nason called for a re-examination of the Troubled Asset Relief Program (TARP) repayment standards.[4]
Government service
U.S. Treasury Department, 2005-2009
Nason joined the U.S. Department of the Treasury in October 2005 as Deputy Assistant Secretary for Financial Institutions.[5] In March 2007, President George W. Bush nominated him for promotion to Assistant Secretary for Financial Institutions, and he was unanimously confirmed by the U.S. Senate.[6]
As a member of Treasury Secretary Henry M. Paulson’s senior team, Nason played a pivotal role in creating, developing and implementing the Treasury’s response to the financial crisis in 2008 and 2009.[7] He co-developed the Capital Purchase Program of the Troubled Asset Relief Program (TARP), which injected more than $200 billion into approximately 700 banks. Nason also spearheaded the creation of the Treasury’s Temporary Guarantee Program for Money Market Mutual Funds, a $3 trillion insurance program that generated $1.2 billion in fees and incurred no losses.[8] Early in his tenure, Nason led Treasury’s financial regulatory reform efforts, including the publication of Treasury’s Blueprint for a Modernized Financial Regulatory Structure.[9][10] Nason also played a leading role in the Treasury’s efforts to enhance the regulation and supervision of Fannie Mae, Freddie Mac and the Federal Home Loan banks.[11][12]
At Treasury, Nason was known as a "mini-policy think tank,"[13] "pragmatic"[14] and "one of the department's most important advisers."[15]
Andrew Ross Sorkin's bestselling book Too Big to Fail (Viking 2009) says Nason was Treasury's "resident policy-making brain" who had been warning since 2007 that a Bear Stearns-like run on one or more banks was likely.[16] In his 2010 memoir On the Brink, Secretary Paulson says that Nason "had the most thorough knowledge of bank guarantees at either the Fed or Treasury," and describes the money market guarantee Nason helped design as "the single most powerful and important actions taken to hold the system together."[17]
Securities and Exchange Commission, 2002-2005
Before joining the Treasury Department, Nason spent three years as counsel to Securities and Exchange Commissioner Paul S. Atkins. At the SEC, Nason assisted in implementing the Sarbanes-Oxley Act of 2002, including creation of the Public Company Accounting Oversight Board, corporate governance and listing requirements modifications, and financial accounting rules and policy.[18] He advised the SEC on investment management matters and on securities offering reform. In addition, Nason managed all of the Enron enforcement actions for Commissioner Atkins. Nason was known as a professional who "wouldn't lose his cool," and according to Mr. Atkins, served as a moderating influence during a volatile time at the SEC.[14]
Honors and awards
For Nason’s service during the financial crisis and his contributions to regulatory reform, he was given the Alexander Hamilton Award, the Treasury’s highest honor.[19]
In 2009, Nason was designated a Young Global Leader by the World Economic Forum.,[20] aligning him with others who were recognized for their commitment to shaping the global future.[21]
Also in 2009, Nason received the American University’s Kogod School of Business’s Community Leadership Award, which honors those who have demonstrated leadership in business and who have had an impact on both their company and their community.[22]
Board seats
In May 2007, Nason was appointed by President George W. Bush and confirmed by the Senate to serve on the board of directors of the National Cooperative Bank (NCB),[23] an institution chartered by Congress in 1978 to serve the financial needs of cooperatives.
In 2008, Nason was designated by Secretary Paulson to serve on the board of the Securities Investor Protection Corporation (SIPC),[24] a federal non-profit corporation that protects securities investors from financial harm if a broker-dealer company fails.
Early career
Covington & Burling, 1996-2002
From 1996 to 2002, Nason was an attorney in the Washington law firm of Covington & Burling, where he worked on a wide array of corporate transactions, including public and private securities offerings, merger agreements and corporate reorganizations.[25]
Before joining Covington & Burling, he served as a law clerk to the Honorable Judge Marvin J. Garbis of the U.S. District Court for the District of Maryland.[26]
Personal life
Nason was born and raised in Providence, Rhode Island. His father was a UPS driver.[14] Nason earned a B.S./B.A. in finance from The American University in 1992 and a J.D., summa cum laude, from The American University’s Washington College of Law in 1995.[27]
Nason is married to Nicole Nason, a former assistant secretary at the U.S. Department of Transportation who served as the administrator at the National Highway Traffic Safety Administration from May 2006 to September 2008 [1].[28] They reside in Connecticut.
References
- ^ Nason Appointment, GE Press Press
- ^ Promontory Website
- ^ Nason Senate Testimony, 5-21-09
- ^ Nason, "Redefining How To Repay TARP," The New York Times 12-14-09
- ^ Deputy Assistant Secretary Appointment
- ^ Assistant Secretary Appointment
- ^ American Banker, "The Other Name Paulson's Plan Has Put in the Spotlight," 6-9-08
- ^ US News, Treasury's Money Market Guarantee Program Ends, 9-18-09
- ^ Treasury Press Release
- ^ Wall Street Journal, "Treasury Official Behind Finance Overhaul," 4-1-08
- ^ Nason Senate Testimony on Reforming GSE Regulation
- ^ Mortgage Banking Magazine, Q&A with Treasury's David G. Nason, 4-1-08
- ^ American Banker, "The Other Name Paulson's Plan Has Put in the Spotlight"
- ^ a b c Wall Street Journal, "Treasury Official Behind Finance Overhaul"
- ^ Quotation of Treasury Undersecretary Robert K. Steel, American Banker
- ^ Andrew Ross Sorkin, Too Big to Fail (Viking 2009), pp. 49-51
- ^ Henry M. Paulson, Jr., On the Brink (Business Plus 2010), pp. 353, 263
- ^ Nason Remarks
- ^ Hamilton Award
- ^ World Economic Forum Award
- ^ World Economic Forum, Young Global Leaders
- ^ AU Business School's Community Leadership Award
- ^ NCB Appointment
- ^ SIPC Appointment
- ^ Covington & Burling
- ^ Judge Marvin Garbis
- ^ Nason Education
- ^ Nicole Nason's NHTSA Appointment
External links
- HousingWire.com: Securitization Regulation
- USA Today: Nicole Nason
- Fortune Profile
- Washington Post op-ed
- US News & World Report: How TARP Began
- Nason's Promontory Profile
Government offices Preceded by
Emil HenryAssistant Secretary of the Treasury for Financial Institutions
2007-09Succeeded by
Michael S. BarrCategories:- American bankers
- American businesspeople
- United States Assistant Secretaries of the Treasury
- 1970 births
- Living people
- Rhode Island Republicans
- Virginia Republicans
- People from Providence, Rhode Island
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