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Biden to nominate Sandra Thompson as head of Federal Housing Finance Agency – Metro US

Biden to nominate Sandra Thompson as head of Federal Housing Finance Agency

U.S. President Joe Biden signs executive order on reducing government
U.S. President Joe Biden signs executive order on reducing government bureaucracy at the White House in Washington

WASHINGTON (Reuters) – U.S. President Joe Biden will nominate Sandra Thompson as director of the Federal Housing Finance Agency, the White House said in a statement on Tuesday.

Thompson has served since June as the acting head of the agency, which oversees Fannie Mae and Freddie Mac, two government-sponsored enterprises that guarantee roughly half of U.S. mortgages. She has worked at the FHFA since 2013, and before that was a longtime staffer at the Federal Deposit Insurance Corporation.

If confirmed by the Senate, Thompson would receive a five-year term at the agency. However, a recent Supreme Court ruling found that the president has the ability to remove the FHFA director at will.

The FHFA director oversees Fannie and Freddie, private companies with a government charter that have operated under a government conservatorship since a 2008 bailout.

(Reporting by Doina Chiacu; Editing by Chris Gallagher and David Gregorio)

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