The Senate Banking Committee has approved the nomination of Rep. Mel Watt (D-N.C.) to lead the Federal Housing Finance Agency. A close 12-to-10 vote along party lines, however, signals the challenge that Watt faces in the full chamber in light of GOP opposition to his nomination. "A Congress continues to seek consensus on a long-term solution for our housing finance system, we need a Senate-confirmed director in place at the Federal Housing Finance Agency," said Senate Banking Committee chair Tim Johnson (D-S.D.). "Congressman Mel Watt is well-qualified to lead the FHFA in its conservatorship of Fannie Mae and Freddie Mac, and ... should be confirmed without delay."
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