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                     Office of the Press Secretary
                           (Houston, Texas)
For Immediate Release                                      April 14,1998

The President announced today that Franklin D. Raines, the Director of the Office of Management and Budget, has submitted his resignation effective May 20, 1998.

The President also said he intends to nominate Jacob J. (Jack) Lew as the next Director of the Office of Management and Budget. Mr. Lew has served as the agency's Deputy Director since August, 1995.

Mr. Raines is resigning to accept an offer from the Board of Director of Fannie Mae to become Chairman of the Board and Chief Executive Officer of the Washington, D.C.-based company. Fannie Mae was chartered by Congress to increase home ownership for low-, moderate-, and middle-income families. The company was privatized in 1968, when the government sold the last of its stock.

Mr. Raines has served as OMB Director since September, 1996. Prior to his confirmation as OMB Director, Raines served for five years as Vice Chairman of Fannie Mae.

Before his appointment as OMB Deputy Director, Mr. Lew held positions as OMB's Executive Associate Director and Associate Director for Legislative Affairs. He began his work for the Clinton Administration in 1993, as Special Assistant to the President, with responsibility for policy development and drafting of the national service initiative. He also worked on health care reform legislation. Mr. Lew began his career in Washington in 1973, as a legislative aide, and later served as principal domestic policy advisor, to the late House Speaker Thomas P. "Tip" O'Neill, Jr.