CEI Joins Coalition Letter in Support of Confirming Mark Calabria to be Head of FHFA

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Dear Majority Leader McConnell,

We write to express support of Dr. Mark Calabria’s nomination to be Director of the Federal Housing Finance Agency. Dr. Calabria has an extensive history and record that reflects his deep understanding of the housing finance industry that make him distinctly qualified for the position. We urge the Senate to act swiftly on his nomination.

With the establishment of the FHFA as a result of the Housing and Economic Recovery Act of 2008, Congress granted the agency substantial authority to oversee the government sponsored enterprises Fannie Mae and Freddie Mac. Soon after HERA’s enactment, the GSE’s were placed into conservatorship, where they have remained for more than a decade, spanning several administrations and various directors. President Trump and Treasury Secretary Mnuchin have been vocal about the need for reforming the status quo of conservatorship for both Fannie Mae and Freddie Mac, and proper leadership at this critical agency is needed for reform. The FHFA Director wields tremendous power to take certain administrative reform actions as conservator, and this should provide some momentum for bipartisan legislative reform to move the system beyond the status quo to better protect taxpayers and promote private capital.

Dr. Calabria has been widely recognized as a leader in housing finance reform for his deep understanding of the complexity associated with the role FHFA plays in the market that makes him uniquely qualified to serve as the agency’s director.

Prior to serving in his current position as Vice President Mike Pence’s chief economist, he served as the Director of Financial Regulation Studies at the Cato Institute, where he authored numerous studies, journals and articles on the topic of housing reform. Dr. Calabria has also been a Committee staff member for both Ranking Member Richard Shelby and Chairman Phil Gramm of the Senate Banking, Housing and Urban Affairs Committee, and previously served as a Deputy Assistant Secretary for the Department of Housing and Urban Affairs’ Office of Regulatory Affairs. Additionally, he has held positions at Harvard University’s Joint Center for Housing Studies, the National Association of Home Builders, and the National Association of Realtors, and earned his doctorate in economics from George Mason University. His education and experience demonstrate that Dr. Calabria is distinctly qualified to serve as Director.