[Congressional Record Volume 165, Number 59 (Thursday, April 4, 2019)]
[Senate]
[Pages S2246-S2247]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]


                           EXECUTIVE CALENDAR

  The PRESIDING OFFICER. Under the previous order, the Senate will 
proceed to executive session and resume consideration of the following 
nomination, which the clerk will report.
  The legislative clerk read the nomination of Mark Anthony Calabria, 
of Virginia, to be Director of the Federal Housing Finance Agency for a 
term of five years.
  The PRESIDING OFFICER. The Senator from Idaho is recognized.
  Mr. CRAPO. Thank you, Mr. President.
  I rise to speak in support of the nomination of Mark Calabria to be 
Director of the Federal Housing Finance Agency, FHFA, for a 5-year 
term.
  For over a decade, the FHFA has served as the regulator and watchdog 
of the government-sponsored enterprises Fannie Mae, Freddie Mac, and 
the Federal Home Loan Bank System. Since 2008, when Fannie and Freddie 
were placed in conservatorship during the financial crisis, the FHFA 
has also served as conservator of these mortgage giants, charged with 
preserving and conserving their assets and helping to return them to 
stable financial footing.
  As long as Fannie and Freddie remain in conservatorship, the FHFA 
Director will play an integral role in setting the strategic direction, 
the guardrails, and the day-to-day management of these companies, which 
have a combined $5 trillion in assets.
  It is critically important for the Senate to quickly confirm a 
qualified, experienced individual to this important post. Fortunately, 
Mark Calabria meets these requirements.
  Dr. Calabria is a leading expert on housing and mortgage finance and 
a respected Ph.D. economist. He has almost 30 years of experience 
interacting with the housing market from nearly every perspective--
academia, industry, trade associations, think tanks, as a congressional 
staffer, and as a regulator.
  He has dedicated the majority of his career to public service, 
including as Deputy Assistant Secretary of the Department of Housing 
and Urban Development, nearly a decade as a senior professional staff 
member on the Senate Banking Committee, and now as Chief Economist to 
Vice President Mike Pence. He has also worked for the National 
Association of Realtors, the National Association of Home Builders, the 
Farm Credit Council, the Harvard University Joint Center for Housing 
Studies, and recently at the CATO Institute as director of financial 
regulation studies.
  Over the course of his public service career, Dr. Calabria has worked 
to champion market reforms that benefit consumers and enhance the 
safety and soundness of our housing finance system. He also has a long 
history of working across the aisle to deliver meaningful and lasting 
reforms.
  As an official at HUD, Dr. Calabria oversaw HUD's regulation of the 
mortgage market, primarily under the Real Estate Settlement Procedures 
Act, or RESPA.
  During his time as a Senate staffer, he worked on over 20 pieces of 
legislation that became law, mostly in the areas of housing and 
mortgage finance.
  In 2009, he worked on the Homeless Emergency Assistance and Rapid 
Transition to Housing Act, or the HEARTH Act, which strengthened our 
Nation's homelessness assistance programs.
  Perhaps most notably, he played a key role in drafting the Housing 
and Economic Recovery Act of 2008, or HERA, which established the FHFA 
and created the position to which he is now nominated. From his work on 
HERA, Dr. Calabria has a keen understanding of the congressional intent 
behind the law and therefore also a respect for FHFA's responsibilities 
and boundaries as a regulator.

  During his hearing a few weeks ago, Dr. Calabria made a commitment to 
carrying out the clear intent of Congress in protecting taxpayers while 
also underscoring the importance of maintaining access to affordable 
housing. Before considering any action, Dr. Calabria has said he will 
first ask: What does the statute say?
  He is also committed to working with me and other Members of this 
body to reach a comprehensive solution on ending the conservatorship of 
Fannie and Freddie once and for all. He agrees with me and many others 
that the action on housing finance reform that is needed today is the 
prerogative of Congress and that after over a decade of 
conservatorship, it is long overdue.
  As Fannie and Freddie continue to dwell in government control, it 
appears that the old, failed status quo is slowly beginning to take 
hold again, with the government in some ways expanding its reach even 
further, entering new markets where it has never been before.
  This status quo is not a viable option, and finding a comprehensive 
solution remains a top priority for me and the Banking Committee. The 
FHFA can also play an important role in helping us to move toward a 
more sustainable housing finance system, facilitated by an engaged and 
strongly capitalized private sector.
  If confirmed, I look forward to working with Dr. Calabria on these 
and other efforts. Dr. Calabria's nomination has been met with 
substantial support from the housing industry. Many key stakeholders 
have written to the Banking Committee to emphasize the experience and 
trusted perspective that Dr. Calabria will bring to the Agency.
  The National Association of Home Builders wrote:

       Throughout his long career, Mark has proven himself to be a 
     keen expert in housing finance policy, adding significant 
     value to key policy discussions both on and off Capitol Hill. 
     NAHB has full confidence that Mark is an excellent choice to 
     be Director of the FHFA. We believe he will bring his usual 
     high-level policy experience, outstanding communication 
     skills, and consummate professionalism to this important 
     regulatory Agency at a critical time for the housing finance 
     industry.

  The National Association of Realtors added:

       Dr. Calabria's decades of experience in housing and finance 
     policy have prepared him to implement the FHFA's mission. It 
     has also helped him to understand the need for enhanced 
     transparency at the FHFA and a methodical approach in the 
     development and enforcement of its policies.

  The Mortgage Bankers Association noted:

       Dr. Calabria will utilize his significant experience in 
     government and knowledge of both the single and multifamily 
     business lines within the secondary mortgage market to 
     protect taxpayers through an appropriate mix of risk-sharing 
     and private capital, work

[[Page S2247]]

     to maintain deep, stable, and liquid mortgage markets, and 
     ensure sustainable access to affordable housing for all 
     Americans.

  The Manufactured Housing Institute added:

       Without question, Dr. Calabria is well-qualified to lead 
     the effort to strengthen the Nation's housing finance system 
     and ensure access to safe, affordable homeownership 
     alternatives.

  It is important to have a Senate-confirmed leader at the FHFA, 
overseeing our mortgage markets and making sure taxpayers are well 
protected from another financial crisis.
  Dr. Calabria is highly qualified, highly experienced, and well 
prepared for this new role. I support Dr. Calabria and urge my 
colleagues to join me in voting yes on his nomination.
  Thank you.
  The PRESIDING OFFICER. The Senator from South Dakota.