Fannie, Freddie Nominee Withdraws Name Amid Republican Opposition
WASHINGTON – The Obama administration’s nominee to oversee Fannie Mae and Freddie Mac withdrew his name from consideration yesterday amid opposition from Republicans in the Senate.
North Carolina Banking Commissioner Joseph Smith, opposed by Senate Republicans, failed to win confirmation from the Senate as the last Congress expired and his nomination appeared troubled as the new Congress commences.
Smith was nominated to head the Federal Housing Finance Agency, which regulates Fannie, Freddie and the 12 Federal Home Loan Banks. The agency had been headed by Ed DeMarco, a holdover from the Bush administration.