Fannie Mae's Raines Tapped for OMB

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.

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