First Ever Senate-Confirmed FHFA Director Sworn in

After a long and contentious delay Melvin L. Wattrnwas sworn in today to a five year term as Director of the Federal Housing FinancernAgency (FHFA).  Watt, who was a sittingrnmember of Congress from North Carolina at the time of his confirmation, becomesrnthe first Senate-confirmed director of the agency which was created inrn2008.  He replaces acting director EdwardrnJ. DeMarco who assumed the position after the resignation of James Lockhart,rnthe director of the Office of Federal Housing Enterprise Oversight thernpredecessor agency to FHFA.  The 2009rnappointment of another North Carolinian, that state’s banking commissionerrnJoseph Smith, was blocked by Senate Republicans.</p

Watt will act as regulator of the governmentrnsponsored enterprises (GSEs) Freddie Mac and Fannie Mae and the 12 Federal HomernLoan Banks.  As such he will effectivernoversee the $5.5 trillion mortgage finance market.  FHFA also serves as conservator of the twornGSEs which were placed under government control in 2008.</p

In a statement issued by FHFA Watt said, “I amrnhonored to serve as Director of the Federal Housing Finance Agency.  Today’s housing finance system is one of thernkeys to our economic recovery and I am grateful for the opportunity to helprndevelop a strong foundation for moving this system forward for the benefit ofrnall Americans at this critical point in our nation’s history.” </p

The oath wasrnadministered to the 21 year member of the House of Representatives by thernHonorable Anthony Foxx, U.S. Secretary of Transportation and former mayor ofrnCharlotte, North Carolina.   While inrnCongress, Watt who is 68 served on the Committee on Financial Services and itsrnSubcommittee on Capital Markets and Government Sponsored Enterprises, the HousernJudiciary Committee, where he was Ranking Member of the Subcommittee onrnIntellectual Property, Competition and the Internet and as Chairman of thernCongressional Black Caucus. </p

Watt wasrnnominated to his new position in May and his nomination cleared the SenaternBanking Committee in July but a confirmation vote was filibustered in thernSenate until Democrats made sweeping changes to Senate rules which allowed Watt’srnconfirmation nomination along with those of a number of federal judges. </p

The new director is a Phi Beta Kappa graduate of thernUniversity of North Carolina at Chapel Hill. rnHe received a law degree from Yale University Law School and practicedrnlaw for over 20 years as well as serving a term in the North Carolina Senate.

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