David Nason

David George Nason (born October 6, 1970) is an American lawyer, government official and corporate executive from Washington, DC. He served as the president and CEO of GE Energy Financial Services, a unit of General Electric (GE) from 2013 to 2018. Previously at GE, he was the Chief Regulatory Officer and Compliance Leader at GE Capital. Nason is one of 190 GE officers globally. From 2005–2009 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.

David Nason
Assistant Secretary of the Treasury for Financial Institutions
In office
March 2007 – March 2009
PresidentGeorge W. Bush
Barack Obama
Preceded byWayne A. Abernathy
Succeeded byMichael S. Barr
Personal details
Born
David George Nason[1]

(1970-10-06) October 6, 1970
Providence, Rhode Island, U.S.
Political partyRepublican
Spouse(s)Nicole Nason
Children3
EducationAmerican University (BS, BA, JD)

In 2019, Nason joined the Teachers Insurance and Annuity Association of America (TIAA) as Executive Vice President and Chief Risk & Compliance Officer.

Early career

Covington & Burling, 1996–2002

From 1996 to 2002, Nason was an attorney in the Washington law firm of Covington & Burling, where he worked on a wide array of corporate transactions, including public and private securities offerings, merger agreements and corporate reorganizations.[2]

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.[3]

Government service

Securities and Exchange Commission, 2002–2005

Before joining the Treasury Department, Nason spent three years as counsel to Securities and Exchange Commissioner Paul S. Atkins. 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.[4] 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.

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.[5] In March 2007, President George W. Bush nominated him for promotion to Assistant Secretary for Financial Institutions, and he was unanimously confirmed by the U.S. Senate.[6]

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.[7] 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.[8] 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.[9][10] 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.[11][12]

At Treasury, Nason was known as a "mini-policy think tank,"[13] "pragmatic"[14] and "one of the department's most important advisers."[15]

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.[16] 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."[17]

Private sector

Promontory Financial Group, 2009–2010
Further information: Promontory Financial Group

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.[18] Nason was a frequent commentator on Bloomberg 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.[19]

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.[20]

GE Capital, 2010–2013

In August 2010, Nason was named senior vice president and chief regulatory and compliance officer for GE Capital. In this role, Nason led the global regulatory and compliance team and is preparing GE Capital for the changing regulatory environment in markets around the world.[21]

GE Energy Financial Services, 2013–2018

David Nason was president and CEO of GE Energy Financial Services, where he led GE's energy investments worldwide. GE Energy Financial Services has 35+ years of experience managing energy assets through multiple economic cycles, and a global portfolio that spans conventional and renewable power, and oil and gas infrastructure projects. Nason chaired the business’ investment committee and was responsible for a $14 billion portfolio of investments in both debt and equity.

Teachers Insurance and Annuity Association of America (TIAA), 2019–Present

TIAA, a leading financial services provider, announced in September 2019 that David G. Nason joined the company as Executive Vice President and Chief Risk and Compliance Officer. In this newly created position, Nason leads the combined Risk Management and Compliance functions for the company which assists TIAA as its risk and compliance needs evolve in a dynamic market.[22] [23]

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.[24]

In 2009, Nason was designated a Young Global Leader by the World Economic Forum.,[25] aligning him with others who were recognized for their commitment to shaping the global future.[26]

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 influenced both their company and their community.[27]

Board seats

In May 2007, Nason was appointed by President George W. Bush and confirmed by the Senate to serve on the board of directors of the National Cooperative Bank (NCB),[28] 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),[29] a federal non-profit corporation that protects securities investors from financial harm if a broker-dealer company fails.

Personal life

Nason was born and raised in Providence, Rhode Island. His father was a UPS driver.[14] 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.[30]

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 and currently serves as Administrator of the Federal Highway Administration.[31][32] They reside in Virginia.

References
  1. Nominations of David G. Nason, Mario Mancuso, Robert M. Couch, Michael W. Tankersley, Nguyen Van Hanh, and Janis Herschkowitz: Hearing Before the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Tenth Congress, First Session, on Nominations of David G. Nason, of Virginia, to be Assistant Secretary for Financial Institutions of the Department of the Treasury and to be a Member of the Board of Directors for the National Consumer Cooperative Bank; Mario Mancuso, of New York, to be Under Secretary for Export Administration of the Department of Commerce; Robert M. Couch, of Alabama, to be General Counsel for the Department of Housing and Urban Development; Michael W. Tankersley, of Texas, to be Inspector General for the Export-Import Bank of the United States; Nguyen Van Hanh, of California, to be a Member of the Board of Directors for the National Consumer Cooperative Bank; Janis Hershkowitz, of Pennsylvania, to be a Member of the Board of Directors for the National Consumer Cooperative Bank, Thursday, May 10, 2007 – page 4
  2. Covington & Burling Archived 2010-05-28 at the Wayback Machine
  3. Judge Marvin Garbis
  4. Nason Remarks Archived 2010-05-27 at the Wayback Machine
  5. Deputy Assistant Secretary Appointment Archived 2010-03-13 at the Wayback Machine
  6. Assistant Secretary Appointment
  7. American Banker, "The Other Name Paulson's Plan Has Put in the Spotlight," 6-9-08
  8. US News, Treasury's Money Market Guarantee Program Ends, 9-18-09
  9. Treasury Press Release Archived 2010-05-28 at the Wayback Machine
  10. Wall Street Journal, "Treasury Official Behind Finance Overhaul," 4-1-08
  11. Nason Senate Testimony on Reforming GSE Regulation Archived 2010-05-27 at the Wayback Machine
  12. Mortgage Banking Magazine, Q&A with Treasury's David G. Nason, 4-1-08
  13. American Banker, "The Other Name Paulson's Plan Has Put in the Spotlight"
  14. Wall Street Journal, "Treasury Official Behind Finance Overhaul"
  15. Quotation of Treasury Undersecretary Robert K. Steel, American Banker
  16. Andrew Ross Sorkin, Too Big to Fail (Viking 2009), pp. 49–51
  17. Henry M. Paulson, Jr., On the Brink (Business Plus 2010), pp. 353, 263
  18. Promontory Website
  19. Nason Senate Testimony, 5-21-09
  20. Nason, "Redefining How To Repay TARP," The New York Times 12-14-09
  21. Nason Appointment, GE Press Press
  22. Press Release: TIAA announces David G. Nason as EVP, Chief Risk and Compliance Officer 09-23-2019
  23. "TIAA creates top risk and compliance role" Corporate Secretary 09-25-2019
  24. Hamilton Award
  25. World Economic Forum Award Archived May 5, 2009, at the Wayback Machine
  26. World Economic Forum, Young Global Leaders Archived 2010-03-09 at the Wayback Machine
  27. AU Business School's Community Leadership Award
  28. NCB Appointment
  29. "SIPC Appointment" (PDF). Archived from the original (PDF) on 2010-06-15. Retrieved 2010-03-15.
  30. Nason Education Archived 2010-05-28 at the Wayback Machine
  31. "Archived copy". Archived from the original on 2010-09-27. Retrieved 2010-03-15.CS1 maint: archived copy as title (link)
  32. Nicole Nason's NHTSA Appointment
Government offices
Preceded by
Emil Henry		 Assistant Secretary of the Treasury for Financial Institutions
2007–2009		 Succeeded by
Michael S. Barr
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