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News Now

Washington
Obama to nominate Smith as FHFA director
WASHINGTON (11/15/10)—President Obama announced Friday that he intends to nominate North Carolina Bank Commissioner Joseph A. Smith, Jr. to become director of the Federal Housing Finance Authority. Smith has been commissioner of banks since June 2002 and his current term in that post ends March 31, 2011, according to the White House announcement. He is immediate past chairman of the Conference of State Bank Supervisors and the founding member of the board of managers of State Regulatory Registry LLC. Smith would replace acting FHFA Director Edward De Marco if the North Carolinian is confirmed by the U.S. Senate. De Marco has been acting director for about a year. The change in command is set against a back drop of potential reforms. The administration is working to draft revisions to the country’s housing-finance system, including a revamp of the government-sponsored entities, Fannie Mae and Freddie Mac—regulated by the FHFA. Fannie and Freddie were placed into conservatorship in 2008.
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