Senate panel sets vote on Calabria nomination for FHFA

WASHINGTON — The Senate Banking Committee will vote next week on President Trump’s nominee to be the chief regulator of government-sponsored enterprises.

The panel has scheduled a vote Tuesday on Mark Calabria’s nomination to succeed Mel Watt as director of the Federal Housing Finance Agency.

In his confirmation hearing last week, Calabria, who currently serves as Vice President Mike Pence’s chief economist, indicated that he plans to carry out the “clear intent of Congress” if lawmakers enact GSE reform, rather than impose his own vision.

His comments came amid speculation that the Trump administration may try to release Fannie Mae and Freddie Mac from conservatorship without legislation, after acting FHFA Director Joseph Otting, who is also the comptroller of the currency, told agency staff that the administration is planning to release a framework for reform.

Soon after Otting’s comments, Senate Banking Committee Chairman Mike Crapo, R-Idaho, released his own outline for housing finance reform.

The committee on Tuesday will also vote on the nomination of Bimal Patel to serve as assistant Treasury secretary of financial institutions, and two nominees for the board of the National Credit Union Administration.