David Nason

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]

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.

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]

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]

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]

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.

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.[22] [23]

He is now Chief Operating Officer of TIAA and President of TIAA Wealth Management.

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.

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.