Office of Financial Stability
Encyclopedia
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
.
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.
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.
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. The announcement reportedly hasn't been made because of the high number of vacancies at Fannie Mae and Freddie Mac.
Emergency Economic Stabilization Act of 2008
Emergency Economic Stabilization Act of 2008
The Emergency Economic Stabilization Act of 2008 The Emergency Economic Stabilization Act of 2008 The Emergency Economic Stabilization Act of 2008 (Division A of , commonly referred to as a bailout of the U.S. financial system, is a law enacted in response to the subprime mortgage crisis...
to operate the Troubled Assets Relief Program
Troubled Assets Relief Program
The Troubled Asset Relief Program is a program of the United States government to purchase assets and equity from financial institutions to strengthen its financial sector that was signed into law by U.S. President George W. Bush on October 3, 2008...
.
OFS is headed by an Assistant Secretary of the Treasury for Financial Stability
Assistant Secretary of the Treasury for Financial Stability
The Assistant Secretary of the Treasury for Financial Stability is the head of the Office of Financial Stability in the United States Department of the Treasury....
, appointed by the President, confirmed by the United States Senate
United States Senate
The United States Senate is the upper house of the bicameral legislature of the United States, and together with the United States House of Representatives comprises the United States Congress. The composition and powers of the Senate are established in Article One of the U.S. Constitution. Each...
, except that an interim Assistant Secretary may be appointed by the Secretary.
On October 6, 2008, it was announced that Neel Kashkari
Neel Kashkari
Neel T. Kashkari was the Interim Assistant Secretary of the Treasury for Financial Stability in the United States Department of the Treasury. While in this role, he led the Office of Financial Stability, the office set up to buy troubled financial assets from U.S. financial firms under the $700...
, a former executive at Goldman Sachs
Goldman Sachs
The Goldman Sachs Group, Inc. is an American multinational bulge bracket investment banking and securities firm that engages in global investment banking, securities, investment management, and other financial services primarily with institutional clients...
, would be the interim head of the Office of Financial Stability.
As of April 14, 2009 it has been rumored that Herbert M. Allison
Herbert M. Allison
Herbert M. Allison, Jr. is currently conducting a review of loans to energy companies, on behalf of the Obama administration. Mr. Allison served as Assistant Secretary of the Treasury for Financial Stability of the United States having been confirmed by the Senate onJune 19, 2009. He left the...
, the current chief executive at Fannie Mae, will be selected to head the Office of Financial Stability. The announcement reportedly hasn't been made because of the high number of vacancies at Fannie Mae and Freddie Mac.
Staff
Initial staff members were announced on October 13, 2008, CIO position revised October 22, 2008:- James H. LambrightJames H. LambrightJames H. Lambright was the 22nd Chairman of the Export-Import Bank of the United States.Lambright, born in St. Louis, Missouri, graduated with honors from Harvard Law School. He also studied linguistics at Stanford University and received a bachelor of arts...
, interim chief investment officer. On loan from the Export-Import Bank. State Department Under Secretary Reuben Jeffery was originally selected for the position.
- 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 FundInternational Monetary FundThe International Monetary Fund is an organization of 187 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world...
'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 FundCommunity Development Financial Institutions FundThe Community Development Financial Institutions Fund, or CDFI Fund, promotes economic revitalization in distressed communities throughout the United States by providing financial assistance and information to community development financial institutions...
.
External links
- FinancialStability.gov - Official website