Herbert M. Allison, Jr., has been confirmed by the United States Senate to serve as the Department of the Treasury's Assistant Secretary for Financial Stability. As Assistant Secretary for Financial Stability, Allison is responsible for developing and coordinating Treasury's policies on legislative and regulatory issues affecting financial stability, including overseeing the Troubled Asset Relief Program (TARP). He replaces Neel Kashkari. Allison is also Counselor to Treasury Secretary Timothy Geithner.
"Herb Allison has extraordinary experience strengthening American financial institutions and has demonstrated great leadership in recent months at Fannie Mae. We are pleased to have him guiding the Administration's financial stability efforts here at Treasury," said Geithner in a statement.
Most recently, Allison served as president and CEO of Fannie Mae. Prior to being appointed to Fannie Mae, he was chairman, president and CEO of TIAA-CREF. Allison began his career at Merrill Lynch, where he served many roles and was ultimately elected president, chief operating officer and a member of the board.
He was a director of Time Warner and a member of the Advisory Board of the Yale School of Management, the Advisory Council of the Stanford Graduate School of Business, and the Federal Reserve Bank of New York's International Advisory Committee. Allison was a director of the New York Stock Exchange from 2003-2005.