Politic365

 
 


National

4:21am May 1, 2013

President Obama to Nominate Rep. Mel Watt for FHFA Director

Crack-Powder Disparity

President Obama will nominate Rep. Mel Watt (D-NC) today to be the Director of the Federal Finance Housing Finance Agency (FHFA). Many have called for the firing of the agency’s current director, Ed DeMarco. DeMarco has headed the agency since 2009 and was a Bush appointee. Watt’s nomination is subject to Senate confirmation.

Watt played a key role in the he Dodd–Frank Wall Street Reform and Consumer Protection Act that is now law and has been an advocte for minority lending institutions.  Watt is 67 and a graduate of Yale Law School.  He has served in Congress since 1993 and has been a member of the House Financial Services Committee for 20 years.

demarco5

Ed DeMarco

The role of the FHFA Director is to oversee the two mortgage financing companies Fannie Mae and Freddie Mac. Both were taken over by the government after taxpayers bailed them out to the tune of $170 billion after the subprime foreclosure fiasco. The subprime mortgage meltdown has been the primary reason for a massive loss in middle class wealth over the last five years including a massive loss of wealth in the Black community.

If Watt is confirmed by the Senate his service would represent a big departure in policy and priorities as compared to DeMarco. As the Obama Administration has been criticised for not assisting underwater homeowners enough, DeMarco has stood in the way and instead sided with financial interests.

In a July 2012 column called “Fire Ed DeMarco,” New York Times columnist Paul Krugman wrote, “there is simply no way that it makes sense for an agency director to use his position to block implementation of the president’s economic policy, not because it would hurt his agency’s operations, but simply because he disagrees with that policy.”

President Obama has come under criticism for not hiring any African Americans to top positions at the start of his second term. Over 10 hires since January, there had been no Blacks nominated to the cabinet until Monday when the President nominated Charlotte Mayor Anthony Foxx to be Secretary of Transportation.  Congressional Black Caucus Chair Marcia Fudge (D-OH) wrote the President on March 11 on the lack of diversity in his cabinet.

After Foxx was nominated on Monday, Rep. Bennie Thompson (D-MS) wrote, “we look forward to continued efforts to advance diversity throughout the Federal system. This Administration must work not to be viewed as lax on diversity issues, and the statistics should reflect the same.”  Now, with the nomination of Watt to an agency that is directly related to one of the most important issue on the black agenda — the foreclosure crisis — many who pounced on the President on the diversity issue are likely to be pleased.



About the Author

Lauren Victoria Burke
Lauren Victoria Burke
Lauren Victoria Burke is a writer, speaker, strategist, comms expert and political analyst. She created Crewof42.com, a blog that covers the work of Black members of Congress, in 2009. She's been a former staffer for the Senate Democratic Policy Committee and Director of Communications for Rep. Andre Carson (D-IN) and has had a very diverse career in politics and media. Ms. Burke appears regularly on NewsOneNow with Roland Martin on TVOne and has been seen on MSNBC. She holds a B.A. in History from The American University. E-mail anytime: LBurke007@gmail.com. Twitter: @Crewof42. Instagram: LVB325. The ideas and opinions expressed in this article are solely those of the author, and have complete editorial independence from any Politic365 partners, sponsors, or advertisers.




 
 

 
3103055771_792b4e6ecb_b

Katrina Anniversary: There are no words

The ten-year anniversary of Hurricane Katrina is here. How the hell do I write about that? Perhaps it’s appropriate to offer a disclaimer: I don’t live in New Orleans, and I never have. I can’t speak from the perspective ...
by Matthew Stieglitz
1

 
 
8722021613_11878ccde2_o

Words vs. policy: why is Ricky Martin urging Latinos to unite against Trump?

This week singer Ricky Martin wrote an opinion piece urging Latinos “to unite against Donald Trump.” In reference to the GOP candidate throwing Univision anchor Jorge Ramos out of a press conference, Martin wrote: &...
by Adriana Maestas
1

 
 
5440384453_67fef2d0ee_o

Latino voters’ net favorability rating of Donald Trump is -51

Yesterday Gallup released a new poll that shows 65% of Latino voters have an unfavorable view of GOP presidential candidate Donald Trump. 14% of Hispanic voters have a favorable view of Trump. Trump, who announced his campaign ...
by Adriana Maestas
0

 

Advertisement
 
ben

Clueless Ben Carson Gives #BlackLivesMatter Advice They Don’t Need

Should we bother to take seriously someone who compares health care to slavery or thinks using drone attacks to stop illegal immigration is a good idea? Probably not.  But Dr. Ben Carson is a neurosurgeon running for Preside...
by Lauren Victoria Burke
16

 
 
chap

Cop Killed 2 Unarmed Men in 4 Yrs: Autopsy Says Chapman Was Shot at Distance

Officer Stephen Rankin, a member of the Portsmouth, Virginia Police Department, had been previously suspended for over a year after shooting an unarmed man in 2011.  In April 2015, the same Portsmouth, Virginia officer,  shot...
by Lauren Victoria Burke
0

 




0 Comments


Be the first to comment!


Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>