President Barack Obama today nominated North Carolina’s top banking official to oversee Fannie Mae and Freddie Mac as head of the Federal Housing Finance Agency.
Obama tapped Joseph A. Smith Jr., the N.C. Commissioner of Banks, for the role of overseeing the quasi-governmental agencies just as they are about to undergo a re-structuring by Congress. He would have to be confirmed by a vote of the full Senate.
“Mr. Smith brings to this position both tremendous expertise and a deep commitment to strengthening our housing finance system for the American people,” Obama said in his nomination. “I’m grateful that he has accepted this nomination, and I look forward to working with him in the months and years to come.”
Smith also would over see the nation’s 12 Federal Home Banks. If confirmed, Smith would take charge at a critical time for the federal housing agency.