Housing nominee Mel Watt advances in 12-10 vote

{mosads}In addition to approving Watt, the banking committee on Wednesday approved by a unanimous voice vote four other presidential nominees.

Kara Stein and Michael Piwowar, both former staffers for the Banking Committee, were unanimously approved to become commissioners of the Securities and Exchange Commission, and Jason Furman, tapped to head the president’s Council of Economic Advisers, also advanced.

Richard Metsger, nominated to join the National Credit Union Administration Board, was approved as well, and the panel signed off on a full term for Mary Jo White as SEC chairwoman.

White was confirmed by the full Senate in April to round out former head Mary Schapiro’s term, which ends in June 2014, and Thursday’s vote would tack on another full five-year term to White’s tenure.

{mosads}The set of nominees appeared before the Banking Committee in June, with Watt attracting the lion’s share of criticism.

Republicans questioned whether Watt had the technical skills to head the FHFA, which oversees two housing giants that manage multitrillion-dollar portfolios. They also were skeptical of his ability to be politically independent in the role, arguing that the job is better suited for a technocrat than a full-fledged politician.

Sen. Mike Crapo (R-Idaho), the ranking member on the panel, said Thursday that while Watt has the qualifications to be confirmed to a number of high-ranking government positions, he does not have what it takes to run the FHFA, a position “like no other position in our government.”

Crapo criticized the White House for ignoring GOP calls for a politically independent and technically proficient nominee, in a push to oppose the nomination. 

Watt, a longtime member of the House Financial Services Committee, a former attorney and a Yale Law School graduate, argued he was a good fit for the job. Any technical matters could be delegated to others in the agency, and he contended he had the judgment to lead the agency through an overhaul of the housing finance market.

Banking Chairman Tim Johnson (D-S.D.) called for support for Watt, citing his time as an attorney when he helped homeowners through closings as “the kind of in-depth expertise we need at the FHFA.”