David George Nason (born October 6, 1970) is an American lawyer, government official and corporate executive from

Washington, DC Washington, D.C., formally the District of Columbia and commonly known as Washington or D.C., is the capital city and Federal district of the United States, federal district of the United States. The city is on the Potomac River, across from ...

. He served as the president and CEO of

GE Energy Financial Services GE Energy Financial Services (EFS), a division of GE Vernova headquartered in Stamford, Connecticut, United States, provides financial and technological investment in energy infrastructure projects around the world. EFS is active within industrie ...

, 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 GE Capital was the financial services division of General Electric. Its various units were sold between 2013 and 2021, including the notable spin-off of the North American consumer finance division as Synchrony Financial. Ultimately, only one div ...

. Nason is one of 190 GE officers globally. From 2005–2009 he served as Assistant Secretary for Financial Institutions under

Treasury Secretary The United States secretary of the treasury is the head of the United States Department of the Treasury, and is the chief financial officer of the federal government of the United States. The secretary of the treasury serves as the principal a ...

Henry M. Paulson Henry "Hank" Merritt Paulson Jr. (born March 28, 1946) is an American investment banker and financier who served as the 74th United States secretary of the treasury from 2006 to 2009. Prior to his role in the Department of the Treasury, Paulson ...

, during which time he was a key architect of the federal government's response to the

2008 financial crisis The 2008 financial crisis, also known as the global financial crisis (GFC), was a major worldwide financial crisis centered in the United States. The causes of the 2008 crisis included excessive speculation on housing values by both homeowners ...

. In 2019, he joined the

Teachers Insurance and Annuity Association of America The Teachers Insurance and Annuity Association of America-College Retirement Equities Fund (TIAA, formerly TIAA-CREF) is an American financial services organization that is a private provider of financial retirement services in the academic, resea ...

(TIAA) as Executive Vice President and Chief Risk & Compliance Officer. He is now Chief Operating Officer of TIAA and President of TIAA Wealth Management.

Early career

Covington & Burling, 1996–2002

From 1996 to 2002, Nason was an attorney in the

Washington Washington most commonly refers to: * George Washington (1732–1799), the first president of the United States * Washington (state), a state in the Pacific Northwest of the United States * Washington, D.C., the capital of the United States ** A ...

law firm of

Covington & Burling Covington & Burling LLP is an American multinational law firm. Known as a white-shoe law firm, it is headquartered in Washington, D.C. and advises clients on transactional, litigation, regulatory, and public policy matters. The firm has addition ...

, 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.

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 The Public Company Accounting Oversight Board (PCAOB) is a nonprofit corporation created by the Sarbanes–Oxley Act of 2002 to oversee the audits of US-listed public companies. The PCAOB also oversees the audits of broker-dealers, including co ...

, 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 Corporation was an American Energy development, energy, Commodity, commodities, and services company based in Houston, Texas. It was led by Kenneth Lay and developed in 1985 via a merger between Houston Natural Gas and InterNorth, both re ...

enforcement actions for Commissioner Atkins.

U.S. Treasury Department, 2005–2009

Nason joined the

U.S. Department of the Treasury The Department of the Treasury (USDT) is the national treasury and finance department of the federal government of the United States. It is one of 15 current U.S. government departments. The department oversees the Bureau of Engraving and ...

in October 2005 as Deputy Assistant Secretary for Financial Institutions. In March 2007, President

George W. Bush George Walker Bush (born July 6, 1946) is an American politician and businessman who was the 43rd president of the United States from 2001 to 2009. A member of the Bush family and the Republican Party (United States), Republican Party, he i ...

nominated him for promotion to Assistant Secretary for

Financial Institutions A financial institution, sometimes called a banking institution, is a business entity that provides service as an intermediary for different types of financial monetary transactions. Broadly speaking, there are three major types of financial ins ...

, and he was unanimously confirmed by the

U.S. Senate The United States Senate is a chamber of the bicameral United States Congress; it is the upper house, with the U.S. House of Representatives being the lower house. Together, the Senate and House have the authority under Article One of the ...

. As a member of Treasury Secretary

's senior team, Nason played a pivotal role in creating, developing and implementing the Treasury's response to the

. He co-developed the

Capital Purchase Program The Capital Purchase Program or CPP is an American government preferred stock and equity warrant purchase program conducted by the US Treasury Office of Financial Stability as part of Troubled Asset Relief Program (aka, TARP) that was launched in 2 ...

of the

Troubled Asset Relief Program The Troubled Asset Relief Program (TARP) is a program of the United States government to purchase toxic assets and equity from financial institutions to strengthen its financial sector that was passed by Congress and signed into law by U.S. Presi ...

(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 The Federal National Mortgage Association (FNMA), commonly known as Fannie Mae, is a United States government-sponsored enterprise (GSE) and, since 1968, a publicly traded company. Founded in 1938 during the Great Depression as part of the New ...

Freddie Mac The Federal Home Loan Mortgage Corporation (FHLMC), commonly known as Freddie Mac, is an American publicly traded, government-sponsored enterprise (GSE), headquartered in Tysons, Virginia.Wall Street Journal, "Treasury Official Behind Finance Overhaul"
/ref> 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."

Private sector

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

Bloomberg Bloomberg may refer to: People * Daniel J. Bloomberg (1905–1984), audio engineer * Georgina Bloomberg (born 1983), professional equestrian * Michael Bloomberg (born 1942), American businessman and founder of Bloomberg L.P.; politician a ...

and

CNBC CNBC is an American List of business news channels, business news channel owned by the NBCUniversal News Group, a unit of Comcast's NBCUniversal. The network broadcasts live business news and analysis programming during the morning, Day ...

, 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. In December 2009, in an opinion piece in ''

The New York Times ''The New York Times'' (''NYT'') is an American daily newspaper based in New York City. ''The New York Times'' covers domestic, national, and international news, and publishes opinion pieces, investigative reports, and reviews. As one of ...

'', Nason called for a re-examination of the

(TARP) repayment standards.

GE Capital, 2010–2013

In August 2010, Nason was named senior vice president and chief regulatory and compliance officer for

. 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.

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 led the combined Risk Management and Compliance functions for the company which assists TIAA as its risk and compliance needs evolve in a dynamic market. He is now Chief Operating Officer of TIAA and President of TIAA Wealth Management.

Honors and awards

For Nason's service during the

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 Forum of Young Global Leaders, or Young Global Leaders (YGL), is a non-profit organization. The organization was created by Klaus Schwab, founder of the World Economic Forum and is managed from Geneva, Switzerland, under the supervision of the Sw ...

by the

World Economic Forum The World Economic Forum (WEF) is an international non-governmental organization, international advocacy non-governmental organization and think tank, based in Cologny, Canton of Geneva, Switzerland. It was founded on 24 January 1971 by German ...

., aligning him with others who were recognized for their commitment to shaping the global future. Also in 2009, Nason received the

American University The American University (AU or American) is a Private university, private University charter#Federal, federally chartered research university in Washington, D.C., United States. Its main campus spans 90-acres (36 ha) on Ward Circle, in the Spri ...

'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.

Board seats

In May 2007, Nason was appointed by President

and confirmed by the Senate to serve on the board of directors of the

National Cooperative Bank The National Cooperative Bank is a Congressional charter, congressionally chartered cooperative bank in the United States created by the National Consumer Cooperative Bank Act of 1978 (Pub.L. 95-351). National Cooperative offers banking products a ...

(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 The Securities Investor Protection Corporation (SIPC ) is a federally mandated, non-profit, member-funded, United States government corporation created under the Securities Investor Protection Act (SIPA) of 1970 that mandates membership of most ...

(SIPC), a federal non-profit corporation that protects securities investors from financial harm if a broker-dealer company fails. Nason serves on the Board of Directors of TIAA Bank, the Board of Directors of IntraFi Network, and on the Board of Advisors for the Hospital for Special Surgery in New York City.

Personal life

Nason was born and raised in

Providence, Rhode Island Providence () is the List of capitals in the United States, capital and List of municipalities in Rhode Island, most populous city of the U.S. state of Rhode Island. The county seat of Providence County, Rhode Island, Providence County, it is o ...

. His father was a

UPS UPS most commonly refers to: * Uninterruptible power supply, a device which provides continuous power to electronics * United Parcel Service, an American courier company UPS or ups may also refer to: Companies and organizations United Parcel S ...

driver. Nason earned a B.S./B.A. in finance from The

in 1992 and a J.D., ''

summa cum laude Latin honors are a system of Latin phrases used in some colleges and universities to indicate the level of distinction with which an academic degree has been earned. The system is primarily used in the United States. It is also used in some Sout ...

'', from The American University's

Washington College of Law The American University Washington College of Law (AUWCL or WCL) is the law school of American University, a private research university in Washington, D.C. It is located on the western side of Tenley Circle in the Tenleytown section of northw ...

in 1995. Nason is married to Nicole Nason, a former assistant secretary at the

U.S. Department of Transportation The United States Department of Transportation (USDOT or DOT) is one of the executive departments of the U.S. federal government. It is headed by the secretary of transportation, who reports directly to the president of the United States a ...

who served as the administrator at the

National Highway Traffic Safety Administration The National Highway Traffic Safety Administration (NHTSA ) is an agency of the U.S. federal government, part of the Department of Transportation, focused on automobile safety regulations. NHTSA is charged with writing and enforcing Feder ...

from May 2006 to September 2008 and currently serves as Administrator of the Federal Highway Administration. They reside in

Virginia Virginia, officially the Commonwealth of Virginia, is a U.S. state, state in the Southeastern United States, Southeastern and Mid-Atlantic (United States), Mid-Atlantic regions of the United States between the East Coast of the United States ...

References

External links

HousingWire.com: Securitization Regulation

US News & World Report: How TARP Began

Nason's Promontory Profile
{{DEFAULTSORT:Nason, David American bankers American chief executives of financial services companies United States assistant secretaries of the treasury 1970 births Living people Rhode Island Republicans Virginia Republicans Businesspeople from Providence, Rhode Island Kogod School of Business alumni Washington College of Law alumni People associated with Covington & Burling