Fannie Mae chief exec moves to US Treasury

Herbert Allison, who until recently was president and chief executive of Fannie Mae, has joined the US Treasury as assistant secretary for financial stability.

In his new role, Allison will be responsible for managing the Treasury's policies on legislative and regulatory issues affecting financial stability, and will oversee the Troubled Assets Relief Program - the $700 billion bailout fund. He will also act as counsel to the Treasury secretary, Timothy Geithner.

He will replace Neel Kashkari