By a 16-6 vote, the Senate Banking Committee has approved North Carolina Bank Commissioner Joseph Smith as director of the Federal Housing Finance Agency (FHFA), MarketWatch reports.
Smith, President Obama's nominee to lead Fannie Mae and Freddie Mac's conservator, could receive full Senate approval this month, MarketWatch says.
If approved, Smith would replace Edward DeMarco, who has served as acting director of the FHFA since September 2009.
‘I understand that, if confirmed, you expect leadership and not just management,’ Smith told the Senate committee last week. ‘The activities of Fannie Mae and Freddie Mac are national in scope but local in impact, directly affecting communities across the country. Leadership in this context means determining how to address critical local needs in conjunction with the agency's duties of conservatorship.’