Franklin Delano Raines

By: Errol I. Mars
Born: January 14, 1949, Seattle, Washington Company: Revolution LLC Position: Director Industry: Financial Services Country: United States

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.


Latest Profiles

  • Richelieu Dennis

    Richelieu Dennis

    Born: Liberia; Position: Founder, CEO; Company: Sundial Brands; Industry: Personal Care; Country: United States

  • Steve Stoute

    Steve Stoute

    Born: June 26, 1970, Queens, New York City, New York; Position: Founder, CEO; Company: Translation LLC. ; Industry: Marketing and Advertising; Country: United States

  • William James Adams

    will.i.am

    Born: March 15, 1975, Eastside, Los Angeles County, California, USA; Position: CEO & co-founder; Company: i.am+ ; Industry: Information Technology and Services; Country: United States

Latest Articles

  • Kenneth I. Chenault to join General Catalyst

    Kenneth I. Chenault

    Ken Chenault to join General Catalyst as chairman and a managing director, making him one of the most powerful venture capitalists. Mr. Chenault spent the last 17 years as Chairman and CEO of American Express and was recently...

  • Kenneth I. Chenault to Join Airbnb's Board

    Kenneth I. Chenault

    Former American Express CEO, Kenneth I. Chenault will be joining the board of directors of Airbnb. The announcement comes one week after Facebook appointed Chenault to its board of directors. Mr. Chenault will be the first and...

  • Ken Chenault to Join Facebook Board of Directors

    Ken Chenault

    Ken Chenault, the outgoing CEO of American Express, is joining Facebook’s board of directors. The technology industry has come under fire in recent year because of their lack diversity. Mr. Chenault joining Facebook’s board is...

  • Richelieu Dennis' Sundial Brands to be Acquire by Unilever

    Richelieu Dennis' Sundial Brands is being acquired by Unilever, a British-Dutch transnational consumer goods company co-headquartered in Rotterdam, Netherlands and London, United Kingdom. Its products include Dove soap and Ben...

  • Richard Parsons, Former Time Warner CEO Launch New VC Firm

    Richard Parsons

    Richard D. Parsons, senior advisor to Providence Equity Partners, former chairman of Citigroup, and the former chairman and CEO of Time Warner and business partner Rachel Lam who founded the Time Warner Investments group...