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. [1] 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.[2]
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.[2][3]
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.[3]
After leaving Merrill Lynch in mid-1999, he served as National Finance Chair for U.S. Senator John McCain's first Presidential Campaign.[4]
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.[3]
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.[2][3]
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.[2][4]