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Politics
Franklin Raines:
business executive
When he ascended to chief executive post at Fannie Mae in 1999, Franklin Raines became one of just a few African-American CEOs of Fortune 500 companies. For much of the 1990s, Raines worked at Fannie Mae (original name: Federal National Mortgage Association,) the largest non-bank financial services institution in the world. He took a two-year break to work for President Clinton as director of the Office of Management and Budget. During his tenure, he helped negotiate the talks leading to the bipartisan Budget Act of 1997. Raines, a Rhodes scholar, also served in the Carter administration.
FULL NAME
Franklin Delano Raines
BORN
January 14, 1949, in Seattle, Washington
EDUCATION
B.A. degree from Harvard University, magna cum laude; J.D. cum laude from Harvard Law School; Rhodes Scholar, Magdalen College, Oxford University.
CAREER
Raines became chairman and chief executive officer of Fannie Mae in 1999 and served as vice chairman from 1991 to 1996. He was director of the White House Office of Management and Budget in the Clinton administration from 1996 to 1998. Before joining Fannie Mae the first time, Raines worked for 11 years at Lazard Freres and Co., where he was a general partner. He was 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.
AWARDS
The King Center Salute to Greatness Award; Hubert H. Humphrey Civil Rights Award, 2001; National Urban League National Public Service Award, 2000.
PERSONAL
Raines is married to Wendy Farrow Raines. They have three children, Laura, Andrea and Sarah.
WEBSITE
http://www.fanniemae.com/aboutfm/executives/raines.jhtml