Herbert M. Allison
Encyclopedia
Herbert M. Allison, Jr. (born 1943) is currently conducting a review of loans to energy companies, on behalf of the Obama administration. Mr. Allison served as Assistant Secretary of the Treasury for Financial Stability of the United States having been confirmed by the Senate
on
June 19, 2009. He left the Treasury Department in September 2010. As assistant secretary, he developed and coordinated United States Department of the Treasury
policies concerning financial stability. As part of his duties he also oversaw the Troubled Asset Relief Program (TARP), the $700 billion fund to purchase assets and equity from financial institutions in order to strengthen the financial sector of the economy.
His previous position was as President and CEO of Fannie Mae, a post to which he was appointed in September 2008, after Fannie was placed into conservatorship
. Prior to that, Mr. Allison was Chairman, President and Chief Executive Officer of TIAA-CREF
from 2002 until his retirement in 2008.
Mr. Allison began his career at Merrill Lynch
as an associate in investment banking
and served variously as Treasurer
, Director of Human Resources
, Chief Financial Officer
, Executive Vice President, President, Chief Operating Officer
and as a member of the Board
during his 28 years there.
After leaving Merrill Lynch in mid-1999, he served as National Finance Chair for U.S. Senator John McCain
's first Presidential Campaign
.
From 2000 to 2002, Mr. Allison was President and Chief Executive Officer of the Alliance for Lifelong Learning, Inc., which offers online, college-level courses to adults.
Allison currently is a member of several boards and advisory councils including Time Warner Inc., Yale School of Management
, Stanford Graduate School of Business
, and the International Advisory Committee of the Federal Reserve Bank of New York
. From 2003 to 2005 he was a director of the New York Stock Exchange
.
Allison, the son of an FBI agent, earned a B.A.
in philosophy
from Yale University. Following four years as an officer in the U.S. Navy, including one year in Vietnam
, he received an M.B.A. from Stanford University.
United States Senate
The United States Senate is the upper house of the bicameral legislature of the United States, and together with the United States House of Representatives comprises the United States Congress. The composition and powers of the Senate are established in Article One of the U.S. Constitution. Each...
on
June 19, 2009. He left the Treasury Department in September 2010. As assistant secretary, he developed and coordinated United States Department of the Treasury
United States Department of the Treasury
The Department of the Treasury is an executive department and the treasury of the United States federal government. It was established by an Act of Congress in 1789 to manage government revenue...
policies concerning financial stability. As part of his duties he also oversaw the Troubled Asset Relief Program (TARP), the $700 billion fund to purchase assets and equity from financial institutions in order to strengthen the financial sector of the economy.
His previous position was as President and CEO of Fannie Mae, a post to which he was appointed in September 2008, after Fannie was placed into conservatorship
Federal takeover of Fannie Mae and Freddie Mac
The federal takeover of Fannie Mae and Freddie Mac refers to the placing into conservatorship of government sponsored enterprises Fannie Mae and Freddie Mac by the U.S. Treasury in September 2008. It was one financial event among many in the ongoing subprime mortgage crisis.On September 6, 2008,...
. Prior to that, Mr. Allison was Chairman, President and Chief Executive Officer of TIAA-CREF
TIAA-CREF
Teachers Insurance and Annuity Association – College Retirement Equities Fund is a Fortune 100 financial services organization that is the leading retirement provider for people who work in the academic, research, medical and cultural fields...
from 2002 until his retirement in 2008.
Mr. Allison began his career at Merrill Lynch
Merrill Lynch
Merrill Lynch is the wealth management division of Bank of America. With over 15,000 financial advisors and $2.2 trillion in client assets it is the world's largest brokerage. Formerly known as Merrill Lynch & Co., Inc., prior to 2009 the firm was publicly owned and traded on the New York...
as an associate in investment banking
Investment banking
An investment bank is a financial institution that assists individuals, corporations and governments in raising capital by underwriting and/or acting as the client's agent in the issuance of securities...
and served variously as Treasurer
Treasurer
A treasurer is the person responsible for running the treasury of an organization. The adjective for a treasurer is normally "tresorial". The adjective "treasurial" normally means pertaining to a treasury, rather than the treasurer.-Government:...
, Director of Human Resources
Human resources
Human resources is a term used to describe the individuals who make up the workforce of an organization, although it is also applied in labor economics to, for example, business sectors or even whole nations...
, Chief Financial Officer
Chief financial officer
The chief financial officer or Chief financial and operating officer is a corporate officer primarily responsible for managing the financial risks of the corporation. This officer is also responsible for financial planning and record-keeping, as well as financial reporting to higher management...
, Executive Vice President, President, Chief Operating Officer
Chief operating officer
A Chief Operating Officer or Director of Operations can be one of the highest-ranking executives in an organization and comprises part of the "C-Suite"...
and as a member of the Board
Board of directors
A board of directors is a body of elected or appointed members who jointly oversee the activities of a company or organization. Other names include board of governors, board of managers, board of regents, board of trustees, and board of visitors...
during his 28 years there.
After leaving Merrill Lynch in mid-1999, he served as National Finance Chair for U.S. Senator John McCain
John McCain
John Sidney McCain III is the senior United States Senator from Arizona. He was the Republican nominee for president in the 2008 United States election....
's first Presidential Campaign
United States presidential election, 2000
The United States presidential election of 2000 was a contest between Republican candidate George W. Bush, then-governor of Texas and son of former president George H. W. Bush , and Democratic candidate Al Gore, then-Vice President....
.
From 2000 to 2002, Mr. Allison was President and Chief Executive Officer of the Alliance for Lifelong Learning, Inc., which offers online, college-level courses to adults.
Allison currently is a member of several boards and advisory councils including Time Warner Inc., Yale School of Management
Yale School of Management
The Yale School of Management is the graduate business school of Yale University and is located on Hillhouse Avenue in New Haven, Connecticut, United States. The School offers Master of Business Administration and Ph.D. degree programs. As of January 2011, 454 students were enrolled in its MBA...
, Stanford Graduate School of Business
Stanford Graduate School of Business
The Stanford Graduate School of Business is one of the professional schools of Stanford University, in Stanford, California and is broadly regarded as one of the best business schools in the world.The Stanford GSB offers a general management Master of Business Administration degree, the Sloan...
, and the International Advisory Committee of the Federal Reserve Bank of New York
Federal Reserve Bank of New York
The Federal Reserve Bank of New York is one of the 12 Federal Reserve Banks of the United States. It is located at 33 Liberty Street, New York, NY. It is responsible for the Second District of the Federal Reserve System, which encompasses New York state, the 12 northern counties of New Jersey,...
. From 2003 to 2005 he was a director of the New York Stock Exchange
New York Stock Exchange
The New York Stock Exchange is a stock exchange located at 11 Wall Street in Lower Manhattan, New York City, USA. It is by far the world's largest stock exchange by market capitalization of its listed companies at 13.39 trillion as of Dec 2010...
.
Allison, the son of an FBI agent, earned a B.A.
Bachelor of Arts
A Bachelor of Arts , from the Latin artium baccalaureus, is a bachelor's degree awarded for an undergraduate course or program in either the liberal arts, the sciences, or both...
in philosophy
Philosophy
Philosophy is the study of general and fundamental problems, such as those connected with existence, knowledge, values, reason, mind, and language. Philosophy is distinguished from other ways of addressing such problems by its critical, generally systematic approach and its reliance on rational...
from Yale University. Following four years as an officer in the U.S. Navy, including one year in Vietnam
Vietnam
Vietnam – sometimes spelled Viet Nam , officially the Socialist Republic of Vietnam – is the easternmost country on the Indochina Peninsula in Southeast Asia. It is bordered by China to the north, Laos to the northwest, Cambodia to the southwest, and the South China Sea –...
, he received an M.B.A. from Stanford University.