Franklin Raines
| Frank Raines | |
|---|---|
 |
|
| Director of the Office of Management and Budget | |
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In office September 13, 1996 – May 21, 1998 |
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| President | Bill Clinton |
| Preceded by | Alice Rivlin |
| Succeeded by | Jack Lew |
| Personal details | |
| Born |
Franklin Delano Raines January 14, 1949 Seattle, Washington, U.S. |
| Political party | Democratic |
| Education |
Harvard University (BA, JD) George Washington University |
Franklin Delano "Frank" Raines (born January 14, 1949) is an American business executive. He is the former chairman and chief executive officer of the Federal National Mortgage Association, commonly known as Fannie Mae, who served as White House budget director under President Bill Clinton. His role leading Fannie Mae has come under scrutiny. He has been called one of the "25 People to Blame for the Financial Crisis" according to Time magazine.
Raines was born in Seattle, Washington, the son of a janitor. Raines graduated from Harvard College, Harvard Law School; and Magdalen College, Oxford University, as a Rhodes Scholar.
In 1969, Raines first worked in national politics, preparing a report for the Nixon administration on the causes and patterns of youth unrest around the country related to the Vietnam War. He served in the Carter Administration as associate director for economics and government in the Office of Management and Budget and assistant director of the White House Domestic Policy Staff from 1977 to 1979. Then he joined Lazard Freres and Co., where he worked for 11 years and became a general partner. In 1991 he became Fannie's Mae's Vice Chairman, a post he left in 1996 in order to join the Clinton Administration as the Director of the U.S. Office of Management and Budget, where he served until 1998. In 1999, he returned to Fannie Mae as CEO.
On December 21, 2004, Raines accepted what he called "early retirement" from his position as CEO while U.S. Securities and Exchange Commission investigators continued to investigate alleged accounting irregularities. He was accused by The Office of Federal Housing Enterprise Oversight (OFHEO), the regulating body of Fannie Mae, of abetting widespread accounting errors, which included the shifting of losses so senior executives, such as himself, could earn large bonuses.
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