Before service as the Director of the OMB, Franklin D. Raines had a long career of both public and private service. During the Carter Administration Mr. Reins served as Assistant Director of the White House Domestic Policy Staff (1977-1978), and Associate Director for Economics and Government in the OMB (1978-1979). After he left his government post, he became a general parter in municipal finance at the firm of Lazard Freres & Company in New York. In 1991, he moved to Fannie Mae in Washington D.C., and became Vice Chairman of the Organization.
Addtionally, Mr. Raines has served on a number of boards and councils. He was elected a Fellow of the American Academy of Arts and Sciences, a member of the National Academy of Social Insurance, and a member of the Council on Foreign Relations. He has also served as a member of the Commission on Roles and Missions of the Armed Forces and as Economics and Trade Cluster Coordinator for the Clinton Presidential Transition, as well as a member of number of Federal and State public policy advisory groups regarding tax equity, education, poverty and welfare reform. In the private sector, Mr. Raines has been a member of the board of directors of several major corporations, foundations, and public service organizations. He presently serves as Chairman of the Visiting Committee of the Harvard Kennedy School of Government, and was formerly President of the Board of Overseers of Harvard University.
Mr. Raines received a B.A. in government from Harvard College, and a J.D. from Harvard Law School. He also attended Magdalen College, Oxford University, as a Rhodes Scholar.
Mr. Raines was nominated to be Director of the Office of Management and Budget by President Clinton and was confirmed by the United States Senate on September 6, 1996.
Infomation taken from offical biography at: http://www.whitehouse.gov/WH/EOP/OMB/html/ombhome.html