When President Obama nominated North Carolina’s banking commissioner more than a year ago to head the Federal Housing Finance Agency, Republicans in the Senate — which would need to confirm such an appointment — dissuaded the official from completing the confirmation process. But now the president has found a spot for the state regulator that isn’t subject to partisan posturing.
North Carolina Banking Commissioner Joseph Smith Jr. was nominated 13 months ago by Obama for the role of FHFA director. But the nominee withdrew his name from consideration after facing resistance from Senate Republicans.
However, a newly created slot that would have Smith monitoring the massive mortgage servicer settlement doesn’t require Senate confirmation.
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