James B. Lockhart III
|James B. Lockhart III|
|Occupation||Director (CEO) and Chairman of the Oversight Board|
|Employer||Federal Housing Finance Agency|
James B. Lockhart III, is the director (CEO) and chairman of the Oversight Board of the Federal Housing Finance Agency (FHFA), regulator of Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks. Lockhart assumed the position with the signing of the Housing and Economic Recovery Act on July 30, 2008. He had been the director of the Office of Federal Housing Enterprise Oversight (OFHEO), which is now part of FHFA. He was nominated by President George W. Bush to that position and confirmed by the Senate in June 2006.
From 2002 to 2006, Lockhart served as deputy commissioner and CEO of the Social Security Administration and as secretary to the Social Security Board of Trustees. He was a member of President George W. Bush’s Management Council and its Executive Committee. Lockhart served in the previous Bush Administration as Executive Director (CEO) of the Pension Benefit Guaranty Corporation (PBGC) from 1989 until 1993.
Lockhart co-founded and served as managing director of NetRisk, a risk management software and consulting firm serving major financial institutions, banks, insurance companies and investment management firms worldwide. He has an extensive background in financial services management including insurance, investment banking and investments.
He has served as senior vice president, Finance, at National Reinsurance; managing director in Smith Barney's Investment Banking Group; Vice President and Treasurer of Alexander & Alexander, and as assistant treasurer of Gulf Oil in Europe and the U.S. He has served as a member of the American Benefits Council’s board of directors and on the advisory board to the Task Force for the Critical Review of the U.S. Actuarial Profession.
He also served as a Lieutenant (j.g.) in the U.S. Navy aboard a nuclear submarine.
Lockhart graduated from Yale University with a bachelor’s degree and received a master’s degree from Harvard Graduate School of Business Administration.
Statement of The Honorable James B. Lockhart III, Director Federal Housing Finance Agency Before the Senate Committee on Banking, Housing, and Urban Affairs on the Appointment of FHFA as Conservator for Fannie Mae and Freddie Mac September 23, 2008