Franklin Delano Raines

Franklin Delano Raines was the CEO of Fannie Mae (formerly, Federal National Mortgage Association Fannie Mae) from January 1, 1999 to December 21, 2004. He was with Lazard Freres & Company for 11 years where he served as a General Partner. He served as the President's key negotiator in the talks that led to passage of the bipartisan Balanced Budget Act of 1997. From 1977 to 1979, he served as an Associate Director for Economics and Government in the Office of Management and Budget and Assistant Director of the White House Domestic Policy Staff. He also served in the Cabinet of President Bill Clinton from 1996 to 1998 as the Director of the Office of Management and Budget, during which time he led negotiations with Congress that resulted in the first balanced federal budget in thirty years.