Maisel, Sherman J., 1918-2010

Sherman J. Maisel became a member of the Board of Governors of the Federal Reserve System on April 30, 1965. He served until May 31, 1972. While on the Board, Maisel was a leader in the field of mortgage policies. He was appointed to a White House task force on federal mortgage policies that drafted proposals to allow the Government National Mortgage Association, also known as Ginnie Mae, to guarantee securities backed by pools of mortgages. The task force also made the Federal National Mortgage Association, known as Fannie Mae, become a government-sponsored enterprise, removed from the constraints of the federal budget. This work helped create a national mortgage market that relied on bond financing rather than on the strength and liquidity of local banks. In addition to his work on housing finance reform, Maisel chaired several internal committees of the Federal Reserve and pushed for better uses of available economic data and forecasts in the decisionmaking process. (Source: Federal Reserve History)