WASHINGTON (10/29/13)--Rep. Mel Watt's (D-N.C.) nomination to lead the Federal Housing Finance Agency could soon see a Senate vote after Senate Majority Leader Harry Reid (D-Nev.) filed a cloture motion on Monday.
Watt was nominated by President Barack Obama in May. Credit Union National Association President/CEO Bill Cheney has commended Watt for his "strong understanding of financial services issues" and his willingness to listen to credit unions and consider credit union issues throughout the years.
Watt has served in the U.S. Congress since 1992, and is a veteran member of the House Financial Services Committee. If confirmed by the Senate, he would replace FHFA Acting Director Edward DeMarco, who has led that agency since Sept. 1, 2009.
Many in Congress have called for Obama to remove DeMarco and nominate a replacement. Obama in 2011 nominated former North Carolina bank commissioner Joseph Smith to serve as full-time director, but that nomination was not confirmed.