Allison To Step Down From Financial Stability Post

Herbert Allison, the U.S. Treasury Department's assistant secretary for financial stability, will step down at the end of the month, according to several media reports. Citing an e-mail that Allison wrote to his colleagues, the reports indicate Allison will return to his home in Connecticut to be with his wife.

Tim Massade, currently the Office of Financial Stability's chief counsel and chief reporting officer, will become acting assistant secretary, effective Sept. 30, Reuters reports.

As assistant secretary, Allison has overseen the Troubled Asset Relief Program (TARP). In that role, he has often appeared before congressional panels to provide lawmakers with status updates on the foreclosure mitigation programs that fall under TARP's purview.

Allison, previously president and CEO of Fannie Mae, is the latest member of the Obama administration's economic team to announce his leave. Lawrence Summers announced this week he will depart from his position as the White House's lead economic adviser.Â

SOURCE: Reuters

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