Franklin D. Raines, vice chairman of Fannie Mae, will be nominated by President Clinton to replace Alice Rivlin as director of the Office of Management and Budget, the White House said.

Senate confirmation is pending for Ms. Rivlin and will also be required for Mr. Raines.

The President also made a special recess appointment, naming U.S. Trade Representative Mickey Kantor as commerce secretary, succeeding the late Ron Brown.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.