 Franklin
Raines was born January 14, 1949. He attended Harvard College in Boston, where he received
his B.A. degree magna cum laude. He continued his education at Harvard Law School where he
graduated cum laude with his J.D. (law degree). His studies also included Magdalen College
and Oxford University (as a Rhodes Scholar). He went on to serve as the Associate Director
for Economics and Government in the Office of Management and Budget (OMB), Executive
Office of the President; and Assistant Director of the White House Domestic Policy Staff
between 1977 and 1979.
He then joined the firm of Lazard Freres & Company where he was a general partner. His tenure
there was 11 years.
From 1991 to 1996, he was Vice Chairman of Fannie Mae, in
charge of the company's legal, credit policy, finance, and other corporate functions.
For two years he was the President's (William Jefferson
Clinton) 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.
The Fannie Mae Board of Directors designated Raines as the
successor to James A. Johnson in April 1998. From May through December 31, 1998, Raines
served as Chairman and CEO-Designate.
Franklin D. Raines now serves as Chairman and Chief
Executive Officer of Fannie Mae. Fannie Mae is the largest non-bank financial services
company in the world. He became Chairman and Chief Executive Officer on January 1, 1999.
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