James B. Lockhart III is the Director (CEO) and Chairman of the Oversight Board of the Federal Housing Finance Agency (FHFA), the regulator of Fannie Mae, Freddie Mac and the 12 Federal Home Loan Banks. He assumed that position with the signing of the Housing and Economic Recovery Act on July 30, 2008. He was the Director of the Office of Federal Housing Enterprise Oversight (OFHEO), which is now part of FHFA. He was nominated to that position by President George W. Bush, a friend of his from prep school, and confirmed by the United States Senate in June 2006.

From 2002 to 2006, Lockhart served as Deputy Commissioner and Chief Operating Officer of the Social Security Administration and as Secretary to the Social Security Board of Trustees. He was a member of President Bush’s Management Council and its Executive Committee. Lockhart served in the previous Bush Administration as Executive Director (CEO) of the Pension Benefit Guaranty Corporation (PBGC) from 1989 until 1993.

Currently, he serves on the Financial Stability Oversight Board, the board set up to oversee the Troubled Asset Relief Program.