Senate Banking Committee Chairman Tim Johnson released the following statement applauding President Obama's expected nomination of Representative Mel Watt to be the Director of the Federal Housing Finance Agency.
"Mel Watt is a superb pick to lead the FHFA. The agency has an important role to play in helping stabilize the housing market as our economy continues to recover from the financial crisis, so we need a strong leader like Mel at the helm. I am confident he will work in partnership with Congress to foster a housing finance system that protects the dream of stable homeownership while also protecting taxpayers.
"Throughout his decades long career in Congress he was known for getting results by working with colleagues, consumer advocates and industry leaders. Mel possesses the intelligence, temperament and depth of knowledge on housing finance policy necessary to succeed as Director. I thank him for his willingness and courage to face this challenge head on and I look forward to moving his nomination expeditiously."