David Nason
Encyclopedia
David G. Nason is senior vice president and global regulatory management and compliance officer for GE Capital
. Previously, he served as Assistant Secretary for Financial Institutions
under Treasury Secretary Henry M. Paulson, during which time he was a key architect of the federal government's response to the financial crisis of 2008.
. In this role, Nason leads the global regulatory and compliance team and is preparing GE Capital for the changing regulatory environment in markets around the world. Nason is one of 199 GE officers globally.
and CNBC
, and a sought-after source on financial matters among other national media. In May 2009, he testified before the Senate Committee on Homeland Security & Governmental Affairs, urging Congress to modernize U.S. regulatory structures so they keep up with the financial innovations driven by rapid capital mobility, deep liquidity and technology. He stressed that such regulation must be balanced with the need to spur innovation and profitability.
In December 2009, in an opinion piece in the New York Times, Nason called for a re-examination of the Troubled Asset Relief Program (TARP) repayment standards.
nominated him for promotion to Assistant Secretary for Financial Institutions
, and he was unanimously confirmed by the U.S. Senate.
As a member of Treasury Secretary Henry M. Paulson’s senior team, Nason played a pivotal role in creating, developing and implementing the Treasury’s response to the financial crisis in 2008 and 2009. He co-developed the Capital Purchase Program
of the Troubled Asset Relief Program (TARP), which injected more than $200 billion into approximately 700 banks. Nason also spearheaded the creation of the Treasury’s Temporary Guarantee Program for Money Market Mutual Funds, a $3 trillion insurance program that generated $1.2 billion in fees and incurred no losses. Early in his tenure, Nason led Treasury’s financial regulatory reform efforts, including the publication of Treasury’s Blueprint for a Modernized Financial Regulatory Structure. Nason also played a leading role in the Treasury’s efforts to enhance the regulation and supervision of Fannie Mae, Freddie Mac and the Federal Home Loan banks.
At Treasury, Nason was known as a "mini-policy think tank," "pragmatic" and "one of the department's most important advisers."
Andrew Ross Sorkin's bestselling book Too Big to Fail (Viking 2009) says Nason was Treasury's "resident policy-making brain" who had been warning since 2007 that a Bear Stearns-like run on one or more banks was likely. In his 2010 memoir On the Brink, Secretary Paulson says that Nason "had the most thorough knowledge of bank guarantees at either the Fed or Treasury," and describes the money market guarantee Nason helped design as "the single most powerful and important actions taken to hold the system together."
. At the SEC, Nason assisted in implementing the Sarbanes-Oxley Act of 2002, including creation of the Public Company Accounting Oversight Board
, corporate governance and listing requirements modifications, and financial accounting rules and policy. He advised the SEC on investment management matters and on securities offering reform. In addition, Nason managed all of the Enron
enforcement actions for Commissioner Atkins. Nason was known as a professional who "wouldn't lose his cool," and according to Mr. Atkins, served as a moderating influence during a volatile time at the SEC.
In 2009, Nason was designated a Young Global Leader by the World Economic Forum
., aligning him with others who were recognized for their commitment to shaping the global future.
Also in 2009, Nason received the American University
’s Kogod School of Business
’s Community Leadership Award, which honors those who have demonstrated leadership in business and who have had an impact on both their company and their community.
and confirmed by the Senate to serve on the board of directors of the National Cooperative Bank
(NCB), an institution chartered by Congress in 1978 to serve the financial needs of cooperatives.
In 2008, Nason was designated by Secretary Paulson to serve on the board of the Securities Investor Protection Corporation
(SIPC), a federal non-profit corporation that protects securities investors from financial harm if a broker-dealer company fails.
, where he worked on a wide array of corporate transactions, including public and private securities offerings, merger agreements and corporate reorganizations.
Before joining Covington & Burling, he served as a law clerk to the Honorable Judge Marvin J. Garbis of the U.S. District Court for the District of Maryland.
. His father was a UPS
driver. Nason earned a B.S./B.A. in finance from The American University
in 1992 and a J.D., summa cum laude, from The American University’s Washington College of Law
in 1995.
Nason is married to Nicole Nason
, a former assistant secretary at the U.S. Department of Transportation who served as the administrator at the National Highway Traffic Safety Administration
from May 2006 to September 2008 http://www.edmunds.com/advice/womenfamilies/articles/125091/article.html. They reside in Connecticut
.
GE Capital
GE Capital is the financial services unit of General Electric, one of five major units. Its various divisions include GE Capital Aviation Services, GE Capital Real Estate, GE Energy Financial Services and GE Money....
. Previously, he served as Assistant Secretary for Financial Institutions
United States Assistant Secretary of the Treasury
The United States Assistant Secretary of the Treasury is one of several positions in the United States Department of the Treasury, serving under the United States Secretary of the Treasury....
under Treasury Secretary Henry M. Paulson, during which time he was a key architect of the federal government's response to the financial crisis of 2008.
GE Capital, 2010-
In August 2010, Nason was named senior vice president and global regulatory management and compliance officer for GE CapitalGE Capital
GE Capital is the financial services unit of General Electric, one of five major units. Its various divisions include GE Capital Aviation Services, GE Capital Real Estate, GE Energy Financial Services and GE Money....
. In this role, Nason leads the global regulatory and compliance team and is preparing GE Capital for the changing regulatory environment in markets around the world. Nason is one of 199 GE officers globally.
Promontory Financial Group, 2009-2010
As a managing director at Promontory Financial Group, Nason advised financial institutions on strategic matters including corporate governance, risk and financial controls, due diligence, potential combinations and regulatory requirements. Nason was a frequent commentator on BloombergBloomberg L.P.
Bloomberg L.P. is an American privately held financial software, media, and data company. Bloomberg makes up one third of the $16 billion global financial data market with estimated revenue of $6.9 billion. Bloomberg L.P...
and CNBC
CNBC
CNBC is a satellite and cable television business news channel in the U.S., owned and operated by NBCUniversal. The network and its international spinoffs cover business headlines and provide live coverage of financial markets. The combined reach of CNBC and its siblings is 390 million viewers...
, and a sought-after source on financial matters among other national media. In May 2009, he testified before the Senate Committee on Homeland Security & Governmental Affairs, urging Congress to modernize U.S. regulatory structures so they keep up with the financial innovations driven by rapid capital mobility, deep liquidity and technology. He stressed that such regulation must be balanced with the need to spur innovation and profitability.
In December 2009, in an opinion piece in the New York Times, Nason called for a re-examination of the Troubled Asset Relief Program (TARP) repayment standards.
U.S. Treasury Department, 2005-2009
Nason joined the U.S. Department of the Treasury in October 2005 as Deputy Assistant Secretary for Financial Institutions. In March 2007, President George W. BushGeorge W. Bush
George Walker Bush is an American politician who served as the 43rd President of the United States, from 2001 to 2009. Before that, he was the 46th Governor of Texas, having served from 1995 to 2000....
nominated him for promotion to Assistant Secretary for Financial Institutions
Office of Financial Institutions
The Office of Financial Institutions is an agency of the United States federal government in the United States Department of the Treasury. OFI coordinates the Department's efforts regarding financial institutions legislation and regulation, legislation affecting Federal agencies that regulate or...
, and he was unanimously confirmed by the U.S. Senate.
As a member of Treasury Secretary Henry M. Paulson’s senior team, Nason played a pivotal role in creating, developing and implementing the Treasury’s response to the financial crisis in 2008 and 2009. He co-developed the Capital Purchase Program
Capital Purchase Program
The Capital Purchase Program or CPP is a preferred stock and equity warrant purchase program conducted by the US Treasury's Office of Financial Stability as part of Troubled Assets Relief Program...
of the Troubled Asset Relief Program (TARP), which injected more than $200 billion into approximately 700 banks. Nason also spearheaded the creation of the Treasury’s Temporary Guarantee Program for Money Market Mutual Funds, a $3 trillion insurance program that generated $1.2 billion in fees and incurred no losses. Early in his tenure, Nason led Treasury’s financial regulatory reform efforts, including the publication of Treasury’s Blueprint for a Modernized Financial Regulatory Structure. Nason also played a leading role in the Treasury’s efforts to enhance the regulation and supervision of Fannie Mae, Freddie Mac and the Federal Home Loan banks.
At Treasury, Nason was known as a "mini-policy think tank," "pragmatic" and "one of the department's most important advisers."
Andrew Ross Sorkin's bestselling book Too Big to Fail (Viking 2009) says Nason was Treasury's "resident policy-making brain" who had been warning since 2007 that a Bear Stearns-like run on one or more banks was likely. In his 2010 memoir On the Brink, Secretary Paulson says that Nason "had the most thorough knowledge of bank guarantees at either the Fed or Treasury," and describes the money market guarantee Nason helped design as "the single most powerful and important actions taken to hold the system together."
Securities and Exchange Commission, 2002-2005
Before joining the Treasury Department, Nason spent three years as counsel to Securities and Exchange Commissioner Paul S. AtkinsPaul S. Atkins
Paul S. Atkins is Managing Director of Patomak Partners LLC, which provides consulting services regarding financial services industry matters, including regulatory compliance, risk and crisis management, trade analysis, and strategy. He is also Senior Partner of Sphere Consulting LLC, a public...
. At the SEC, Nason assisted in implementing the Sarbanes-Oxley Act of 2002, including creation of the Public Company Accounting Oversight Board
Public Company Accounting Oversight Board
The Public Company Accounting Oversight Board is a private-sector, non-profit corporation created by the Sarbanes–Oxley Act, a 2002 United States federal law, to oversee the auditors of public companies. Its stated purpose is to 'protect the interests of investors and further the public interest...
, corporate governance and listing requirements modifications, and financial accounting rules and policy. He advised the SEC on investment management matters and on securities offering reform. In addition, Nason managed all of the Enron
Enron
Enron Corporation was an American energy, commodities, and services company based in Houston, Texas. Before its bankruptcy on December 2, 2001, Enron employed approximately 22,000 staff and was one of the world's leading electricity, natural gas, communications, and pulp and paper companies, with...
enforcement actions for Commissioner Atkins. Nason was known as a professional who "wouldn't lose his cool," and according to Mr. Atkins, served as a moderating influence during a volatile time at the SEC.
Honors and awards
For Nason’s service during the financial crisis and his contributions to regulatory reform, he was given the Alexander Hamilton Award, the Treasury’s highest honor.In 2009, Nason was designated a Young Global Leader by the World Economic Forum
World Economic Forum
The World Economic Forum is a Swiss non-profit foundation, based in Cologny, Geneva, best known for its annual meeting in Davos, a mountain resort in Graubünden, in the eastern Alps region of Switzerland....
., aligning him with others who were recognized for their commitment to shaping the global future.
Also in 2009, Nason received the American University
American University
American University is a private, Methodist, liberal arts, and research university in Washington, D.C. The university was chartered by an Act of Congress on December 5, 1892 as "The American University", which was approved by President Benjamin Harrison on February 24, 1893...
’s Kogod School of Business
Kogod School of Business
The Kogod School of Business, commonly referred to as Kogod, serves as the undergraduate and graduate business school at American University in Northwest Washington, DC. Kogod is accredited by the Association to Advance Collegiate Schools of Business . Kogod offers undergraduate and graduate degree...
’s Community Leadership Award, which honors those who have demonstrated leadership in business and who have had an impact on both their company and their community.
Board seats
In May 2007, Nason was appointed by President George W. BushGeorge W. Bush
George Walker Bush is an American politician who served as the 43rd President of the United States, from 2001 to 2009. Before that, he was the 46th Governor of Texas, having served from 1995 to 2000....
and confirmed by the Senate to serve on the board of directors of the National Cooperative Bank
National Cooperative Bank
National Cooperative Bank is a cooperative financial institution chartered by the United States Congress in 1978, primarily to serve the financial needs of cooperatives...
(NCB), an institution chartered by Congress in 1978 to serve the financial needs of cooperatives.
In 2008, Nason was designated by Secretary Paulson to serve on the board of the Securities Investor Protection Corporation
Securities Investor Protection Corporation
The Securities Investor Protection Corporation is a federally mandated, non-profit, member-funded, corporation in the United States. It protects investors in certain securities from financial harm if a broker-dealer fails...
(SIPC), a federal non-profit corporation that protects securities investors from financial harm if a broker-dealer company fails.
Covington & Burling, 1996-2002
From 1996 to 2002, Nason was an attorney in the Washington law firm of Covington & BurlingCovington & Burling
Covington & Burling LLP is an international law firm with offices in Beijing, Brussels, London, New York, San Francisco, Silicon Valley, San Diego, and Washington, DC. The firm advises multinational corporations on significant transactional, litigation, regulatory, and public policy matters...
, where he worked on a wide array of corporate transactions, including public and private securities offerings, merger agreements and corporate reorganizations.
Before joining Covington & Burling, he served as a law clerk to the Honorable Judge Marvin J. Garbis of the U.S. District Court for the District of Maryland.
Personal life
Nason was born and raised in Providence, Rhode IslandProvidence, Rhode Island
Providence is the capital and most populous city of Rhode Island and was one of the first cities established in the United States. Located in Providence County, it is the third largest city in the New England region...
. His father was a UPS
United Parcel Service
United Parcel Service, Inc. , typically referred to by the acronym UPS, is a package delivery company. Headquartered in Sandy Springs, Georgia, United States, UPS delivers more than 15 million packages a day to 6.1 million customers in more than 220 countries and territories around the...
driver. Nason earned a B.S./B.A. in finance from The American University
American University
American University is a private, Methodist, liberal arts, and research university in Washington, D.C. The university was chartered by an Act of Congress on December 5, 1892 as "The American University", which was approved by President Benjamin Harrison on February 24, 1893...
in 1992 and a J.D., summa cum laude, from The American University’s Washington College of Law
Washington College of Law
American University Washington College of Law is the law school of American University. It is located on Massachusetts Avenue in the Spring Valley neighborhood of northwest Washington. WCL is ranked 50th among law schools by US News and World Report...
in 1995.
Nason is married to Nicole Nason
Nicole Nason
Nicole Nason headed the National Highway Traffic Safety Administration, beginning in May 2006. She left the NHTSA in September 2008, and was replaced by David Kelly, her chief of staff.-Background:...
, a former assistant secretary at the U.S. Department of Transportation who served as the administrator at the National Highway Traffic Safety Administration
National Highway Traffic Safety Administration
The National Highway Traffic Safety Administration is an agency of the Executive Branch of the U.S. government, part of the Department of Transportation...
from May 2006 to September 2008 http://www.edmunds.com/advice/womenfamilies/articles/125091/article.html. They reside in Connecticut
Connecticut
Connecticut is a state in the New England region of the northeastern United States. It is bordered by Rhode Island to the east, Massachusetts to the north, and the state of New York to the west and the south .Connecticut is named for the Connecticut River, the major U.S. river that approximately...
.