WASHINGTON -- The Federal Housing Finance Board may finally get a quorum.
The Senate Banking committee has scheduled a confirmation hearing today for President Clinton's two recent nominees to the Finance Board.
The agency, which oversees the Federal Home Loan Bank system, has not had a quorum since the beginning of this year, when its directors had to commit to serving full time. Three resigned heir part-time board seats.
On Monday, President Clinton nominated J. Timothy O'Neill to the board. The nomination had been widely expected, and follows Clinton's Aug. 25 nomination of Bruce Morrison.
Mr. O'Neill is a partner at O'Connor &Hannan, a Washington law firm. The Republican had been the director of the finance board's Office of Congressional Affairs under former chairman Dan Evans. Earlier, he was a senior legislative manager for international affairs at the Treasury Department.
President Clinton nominated Mr. Morrison, the former Democratic congressman from Connecticut, to chair the fiveperson board. Nicolas P Retsinas, the Housing and Urban Development Department's representative to the finance board. has been managing the agency.
If the Senate confirms Mr. Morrison and Mr. O'Neill, the remaining finance board vacancy must, by statute, go to a Republican. The open seat would also be the designated community interest seat, which carries requirements that the board member must have devoted a substantial amount of time to community or housing interests in the past.
