Biden appoints veteran housing, banking regulator as acting FHFA chief

President Biden on Wednesday designated Sandra Thompson as the acting director of the Federal Housing Finance Agency (FHFA) after ousting the agency’s previous chief earlier in the day.

Thompson will lead the FHFA, the conservator and overseer of Fannie Mae and Freddie Mac, until a full-time nominee is confirmed by the Senate. Biden has not yet chosen a permanent replacement for Mark Calabria, a Trump appointee who led the FHFA from 2019 until his dismissal Wednesday.

Thompson has served as deputy director of the FHFA’s Division of Housing Mission and Goals since 2013. She joined the FHFA after more than 23 years at the Federal Deposit Insurance Corp.

“As a longtime regulator, I am committed to making sure our nation’s housing finance systems and our regulated entities operate in a safe and sound manner. We can accomplish this, and at the same time have a laser focus on mission and community investment,” Thompson said in a statement. 

“There is a widespread lack of affordable housing and access to credit, especially in communities of color. It is FHFA’s duty through our regulated entities to ensure that all Americans have equal access to safe, decent, and affordable housing.” 

Biden’s decision to replace Calabria came hours after the Supreme Court on Wednesday struck down a provision limiting when the president could fire the FHFA director.

The court held that the FHFA director must be fireable at-will by the president, not just for misconduct or malfeasance, in order to preserve the president’s authority over the executive branch.