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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:

  • 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 department.
  • Donald Hammond, interim chief compliance officer. Previously deputy director of the Federal Reserve payments division.

References

External links

  • FinancialStability.gov - Official website


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