By a 13-12 party-line vote, the Senate Banking Committee yesterday approved the nomination of Mark Calabria for Director of the Federal Housing Finance Agency. The nomination now goes to the full Senate, where it is expected to be approved.
Calabria, who would take over for Acting Director (and Comptroller of the Currency) Joseph Otting, would play a key role in the debate over reforming Fannie Mae and Freddie Mac. He has said he would follow the lead of Congress in housing-finance reform. The committee also approved Bimal Patel to serve as the assistant Treasury secretary of financial institutions, as well as Rodney Hood and Todd Harper to serve on the National Credit Union Administration board.