Fannie Mae Appoints Two New Members to Board of Directors
Fannie Mae (OTCQB: FNMA) has appointed Simon Johnson and Christopher J. Brummer to its Board of Directors, enhancing its expertise amid ongoing efforts to secure business safety and liquidity in the mortgage market. Robert H. Herz's board term is extended through June 2024. The new members bring significant backgrounds in economics, regulation, and law, reinforcing Fannie Mae's commitment to affordable housing initiatives. This leadership change aims to improve operational insights and stability in housing finance.
- Appointment of Simon Johnson and Christopher J. Brummer adds expertise in economics, regulation, and law.
- Robert H. Herz's board term extension ensures continuity and experienced oversight.
- None.
WASHINGTON, March 2, 2021 /PRNewswire/ -- Fannie Mae (OTCQB: FNMA) has appointed Simon Johnson and Christopher J. Brummer to its Board of Directors. Their vast expertise will complement Fannie Mae's Board of Directors at a time when the company remains focused on the safety and soundness of its business, while providing liquidity to the mortgage market and enabling affordable housing for millions of people across America. In addition, the Board term limit for Robert H. Herz was extended for three years, allowing him to serve on the Board through June 2024.
"We're pleased to welcome both Simon and Christopher to Fannie Mae's Board of Directors," said Sheila C. Bair, Chairwoman of the Board, Fannie Mae. "They are proven public policy leaders adding noteworthy financial technology, economic, and regulatory experience to our exceptional Board. I also want to thank Bob Herz for his continued service on our Board and the benefit of his counsel and audit expertise as we collectively guide Fannie Mae in its drive to create a stronger, more stable housing market."
"Simon and Christopher bring deep economic, regulatory, and business expertise, enhancing our already talented and diverse Board and providing unique and valuable insights to Fannie Mae as we continue advancing our mission to sustainably serve homeowners and renters by providing liquidity to the residential mortgage market through all market cycles," said Hugh R. Frater, Chief Executive Officer, Fannie Mae.
Mr. Johnson has served as a professor at the MIT Sloan School of Management since 1997. He is currently the Ronald A. Kurtz Professor of Entrepreneurship and head of the Global Economics and Management Group at the MIT Sloan School of Management. Mr. Johnson is also currently a research associate for the National Bureau of Economic Research, a private nonpartisan organization that facilitates cutting-edge investigation and analysis of major economic issues. Mr. Johnson was a member of the Center for a New Economy's Growth Commission on Puerto Rico from January 2017 to June 2019, a member of the Financial Research Advisory Committee of the U.S. Department of the Treasury's Office of Financial Research from 2014 to December 2016, where he chaired the Global Vulnerabilities Working Group, a member of the Federal Deposit Insurance Corporation's Systemic Resolution Advisory Committee from 2011 to December 2016, a member of the Congressional Budget Office's Panel of Economic Advisers from 2009 to 2015, a senior follow at the Peterson Institute for International Economics from 2008 to November 2019, and Chief Economist at the International Monetary Fund from 2007 to 2008. He is currently a member of the Systemic Risk Council, a public interest group that monitors progress on the implementation of financial reforms, an advisory board member for the Institute for New Economic Thinking, and an advisory board member for Intelligence Squared. Mr. Johnson is the co-founder of Baselinescenario.com and the author of numerous publications.
Mr. Brummer is the Faculty Director of the Institute of International Economic Law and Agnes N. Williams Professor of Law at the Georgetown University Law Center, where he began teaching in 2009. Prior to that time, he served as an assistant professor of law at Vanderbilt Law School from 2006 to 2009 and as an academic fellow at the Securities and Exchange Commission's Office of International Affairs from 2008 to 2009. Prior to his position at Vanderbilt, Mr. Brummer was an attorney in private practice in New York and London from 2004 to 2006. Mr. Brummer is the founder of DC Fintech Week, a public policy conference on finance and technology, a co-founder of the Fintech Beat podcast and newsletter for CQ Roll Call, and the author of a number of publications. He is currently a nonresident senior fellow for the Atlantic Council's GeoEconomics Center, a member of the Commodity Futures Trading Commission's Subcommittee on Virtual Currencies, an advisory council member for the Alliance for Innovative Regulation and an advisory group member for the Digital Dollar project. Mr. Brummer served as a member of the Biden-Harris Presidential Transition Team from October 2020 to January 2021, a member of the Financial Innovation Standing Committee of the European Securities and Markets Authority (ESMA) Consultative Working Group from February 2019 to December 2020, a member of Nasdaq delisting panels from 2010 to 2016, a senior fellow for the Milken Institute's Center for Financial Markets from 2011 to 2017, and a member of FINRA's National Adjudicatory Council from 2013 to 2015.
About Fannie Mae
Fannie Mae helps make the 30-year fixed-rate mortgage and affordable rental housing possible for millions of people in America. We partner with lenders to create housing opportunities for families across the country. We are driving positive changes in housing finance to make the home buying process easier, while reducing costs and risk. To learn more, visit:
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SOURCE Fannie Mae
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