Herbert M. Allison Jr., who was named chief executive of Fannie Mae on Sunday, brings to the job nearly three decades of experience on Wall Street, as well as deep ties to Washington.

Mr. Allison, 63, worked for Merrill Lynch for almost 30 years, rising to the positions of president and chief operating officer. Later, he ran the finance committee for Senator John McCain’s 2000 presidential campaign and became the chairman and chief executive of TIAA-Cref, the big money management company.

Mr. Allison began his career at Merrill Lynch in 1971, after graduating with a degree in philosophy from Yale, serving in the Navy and earning a master’s degree in business administration from Stanford.

Image Herbert M. Allison Jr. has worked at Merrill Lynch and for Senator John McCain. Credit... Marilynn K. Yee/The New York Times

While at Merrill Lynch, he lived in London, Paris and Tehran, where he met his wife. He returned to the United States and a series of senior jobs at the brokerage. In 1997, he vied to succeed Daniel P. Tully as the head of the firm, but lost out when David H. Komansky was named chief executive.