We all know that changes are occurring in our industry every single day. But do you know who the top governmental players are that create and implement change? Here is a bit of cheat sheet to help you know who is who.
Timothy Geithner
Secretary of the Department of Treasury
The Treasury Department is the executive agency responsible for promoting economic prosperity and ensuring the financial security of the United States. The Department is responsible for a wide range of activities such as advising the President on economic and financial issues, encouraging sustainable economic growth and fostering improved governance in financial institutions.
Bottom Line: He is a member of the President's cabinet and is the President's principal economic advisor. He is essentially the Chief Financial Officer of the United States.
Sheila Bair
Chairman of the Federal Deposit Insurance Corporation (FDIC)
The Federal Deposit Insurance Corporation (FDIC) is an independent agency created by the Congress that maintains the stability and public confidence in the nation's financial system by insuring deposits, examining and supervising financial institutions and managing receiverships. The FDIC is a leader in developing and implementing sound public policies, identifying and addressing new and existing risks in the nation's financial system and effectively and efficiently carrying out its insurance, supervisory and receivership management responsibilities.
Bottom Line: They insure deposits (your money up to $250,000) in the banks (5,160 banks and savings banks) to make sure you don't lose it if the bank fails. If the bank fails, the FDIC steps in to carry out the proceedings.
Paul Volcker
Chairman of the President's Economic Recovery Advisory Board (PERAB)
The PERAB is an advisory only board to inform the decision-making of the President, and, with respect to matters deemed appropriate by the President, provide information and recommendations to any other agency with responsibilities related to the economy or financial markets or to the National Economic Council.
Bottom Line: The board offers independent, nonpartisan information, analysis and advice to the President to try and deal with the current economic "crisis" and jump start the economy.
Lawrence Summers
Director of the National Economic Council
The NEC has four principal functions: to coordinate policy-making for domestic and international economic issues, to coordinate economic policy advice for the President, to ensure that policy decisions and programs are consistent with the President's economic goals, and to monitor implementation of the President's economic policy agenda.
Bottom Line: Works with and coordinates numerous department and agency heads within the administration to make sure everyone is on the same page implementing the President's policies and objectives.
James Lockhart
Director (CEO) and Chairman of the Oversight Board of the Federal Housing Finance Agency
FHFA /OFHEO's mission is to promote housing and a strong national housing finance system by ensuring the safety and soundness of Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation).
Bottom Line: Oversees Fannie Mae and Freddie Mac.
Michael J. Williams
President and Chief Executive Officer Fannie Mae
Fannie Mae is a government-sponsored enterprise (GSE) chartered by Congress with a mission to provide liquidity and stability to the U.S. housing and mortgage markets.
Bottom Line: Buys loans and produces underwriting criteria to determine who qualifies for those loans.
John Koskinen
Interim Chief Executive Officer Freddie Mac
Freddie Mac's mission is to provide liquidity, stability and affordability to the housing market.
Bottom Line: Buys loans and produces underwriting criteria to determine who qualifies for those loans.
Ben S. Bernanke
Chairman of the Federal Reserve System
The Federal Reserve conducts the nation's monetary policy, supervises banking institutions, maintains stability in the financial system and provides financial services.
Bottom Line: Looks across the entire financial system to conduct the nation's monetary policy-from employment to lending to rates to prices.
Shaun Donovan
Secretary U.S. Department of Housing and Urban Development
HUD's mission is to increase homeownership, support community development and increase access to affordable housing free from discrimination.
Bottom Line: Helps get people into homes and develop safe and stable communities.
Barney Frank
U.S. Representative of the Massachusetts 4th Congressional District and Chairman of the House Financial Services Committee.
The committee responsibilities include:
Overseeing all components of the nation's housing and financial services sectors including banking, insurance, real estate, public and assisted housing and securities.
Continually reviewing the laws and programs relating to the U.S. Department of Housing and Urban Development, the Federal Reserve Bank, the Federal Deposit Insurance Corporation, Fannie Mae and Freddie Mac and international development and finance agencies such as the World Bank and the International Monetary Fund.
Ensures enforcement of housing and consumer protection laws such as the U.S. Housing Act, the Truth In Lending Act, the Housing and Community Development Act, the Fair Credit Reporting Act, the Real Estate Settlement Procedures Act, the Community Reinvestment Act and financial privacy laws.
Bottom line: He (and his committee) decides which bills move forward in the house to become law and which ones don't.
Steve Richman
That "MI Guy" for Genworth Mortgage Insurance
Bottom Line: Dedicated to getting you the information you need to better understand those issues that affect you everyday in your job in the mortgage and real estate industry. Also trying to make the world safe for private mortgage insurance by showing how MI benefits the borrower, the lender and the U.S. economy.
Comments(1)