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June 11, 2009
US Senate panel OKs pvs Fannie Mae CEO to oversee TARP
Tim Ahmann and Patrick Rucker, Reuters
June 10, 2009
Excerpt:
WASHINGTON, June 10 (Reuters) - The U.S. Senate Banking Committee voted on Wednesday to approve Herb Allison, a former CEO of mortgage finance company Fannie Mae (FNM.P: Quote, Profile, Research), to oversee the government's $700 billion bailout fund, sending the nomination to the full Senate for a final vote.
Allison, 65, had led Fannie Mae since the Treasury Department seized it last September to avert a collapse until April. At TARP, he will replace Neel Kashkari, who was appointed to oversee the Troubled Asset Relief Program by the former Bush administration but who had stayed on until early May.
