Watts FHFA Nomination Prospects Diminish After Down Senate Vote
November 8, 2013
Industry observers doubt the White Houses commitment to replace the current interim head of the Federal Housing Finance Agency, despite louder recent lip service, following an embarrassing, if not unexpected, rejection last week by the Senate of the Congressman who would be the new FHFA director. On Oct. 31, Senators voted 56 to 42 to limit floor debate on the nomination of Rep. Mel Watt, D-NC. The final tally was well below the 60-member supermajority required to invoke cloture and shutter any potential filibuster under current Senate rules.