A native of Connecticut, James B. Lockhart III met future president George W. Bush in high school, while both were members of the Philips Academy baseball team. They both attended Yale University and both joined the Delta Kappa Epsilon fraternity. Lockhart earned a bachelor’s degree from Yale and then, like Bush, a master’s from Harvard Graduate School of Business Administration.

 

Lockhart served as a Lieutenant (j.g.) in the U.S. Navy, working as a supply officer aboard the nuclear submarine USS George W. Carver. He went on to senior positions at National Reinsurance, Smith Barney, Alexander & Alexander and Gulf Oil - both in Europe and the U.S. He has an extensive background in financial services including insurance, investment banking and pensions, and co-founded and served as managing director of NetRisk, a risk management software and consulting firm.

 

Lockhart served as Deputy Commissioner of Social Security (a Presidentially-appointed and Senate-confirmed position), and in the previous Bush Administration as Executive Director of the Pension Benefit Guaranty Corporation (1989 until 1993).He was nominated by President George W. Bush to become the Director of OFHEO, and subsequently confirmed by the U.S. Senate on June 15, 2006.

 

The new OFHEO chief: a Bush insider, new OFHEO Director James Lockhart, is a take-charge guy (by Louise L. Schiavone, Mortgage Banking)