Senator Bob Corker, (R-Tn.), a member of the Senate Banking, Housing and Urban Affairs Committee, made the following statement after voting against a procedural motion to move forward with the nomination of U.S. Congressman Mel Watt, (D-N.C.), to lead the Federal Housing Finance Agency (FHFA). In a 56 to 42 vote, the Senate failed to get the 60 votes required to proceed.
“I have said from day one that a technocrat, not a politician, should lead the FHFA, the regulator charged with overseeing the $5 trillion portfolios of Fannie Mae and Freddie Mac,” said Senator Corker.
“I hope the president will nominate a qualified technocrat with the expertise to play a constructive role in winding down Fannie and Freddie and modernizing our housing finance system.”