Chairman and chief executive officer from 1999 to 2004 of Washington-based Fannie Mae, the biggest U.S. home mortgage lender. He was vice chairman from 1991 to 1996. Fannie Mae has assets of $924 billion and is the second largest financial institution after Citigroup in the U.S.
In 2004, Franklin Raines, was forced out as Fannie Mae's leader after regulators concluded the company had manipulated its accounting, spurring a loss of about $30 billion in market value.
Franklin Raines is one of just a few African-American to become CEO of a Fortune 500 company.
Raines worked for 11 years at investment banking firm Lazard Freres and Co., where he was a general partner providing financial advice to public and private clients.
Raines served in the Administration of President Jimmy Carter as Assistant Director of the White House Domestic Council and Associate Director of the Office of Management and Budget from 1977-1979. He served in the Cabinet of President Bill Clinton from 1996 to 1998 as the Director of the Office of Management and Budget. In that role he led negotiations with Congress that resulted in the first balanced federal budget in thirty years
Frank Raines grew up in Seattle, Washington. He attended public schools, graduated from Franklin High School, and graduated magna cum laude from Harvard College in 1971. He attended Oxford University in England as a Rhodes Scholar and graduated from the Harvard Law School, cum laude, in 1976. He has received honorary doctorate degrees from Howard University, Lafayette College, Amherst College, the University of Maryland, and the University of Puget Sound. He is also the recipient of the Harvard Medal. He has been elected as a Fellow of the American Academy of Arts and Sciences and the Academy of Social Insurance and as a member of the Trilateral Commission and the Council on Foreign Relations.