Leslie Rahl has been named to Fannie Mae's board of directors to fill the seat vacated when Stephen Friedman resigned to become assistant to the president for economic policy.Fannie Mae said Ms. Rahl will be included on the company's slate of directors and will stand for election at the annual shareholders' meeting in May. Franklin D. Raines, Fannie Mae's chairman and chief executive officer, cited Ms. Rahl's "experience in the financial markets and her understanding of the derivatives markets." Ms. Rahl is the president and founder of Capital Market Risk Advisors Inc., a financial advisory firm that specializes in risk management and capital markets strategy. She previously ran her own consulting firm, Leslie Rahl Associates, which concentrated in swaps, options, and derivative products.

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