Sarah Bloom Raskin is an outstanding choice to be the Federal Reserve Board of Governors’ Vice Chair for Supervision. She is eminently qualified for this critically important role, having served in two key positions during the recovery from the 2008 financial crisis.
I commend the Senate for the confirmation of Alanna McCargo as President of Ginnie Mae. In her new role, Ms. McCargo will have the opportunity to ensure that Ginnie Mae policy aligns with the Biden administration’s goals of reducing housing costs and expanding access to homeownership for historically underserved groups. Ms. McCargo has the expertise necessary to get Ginnie Mae back on track after five years without a permanent head.
President Biden’s nomination of Sandra Thompson to serve as Director of the Federal Housing Finance Agency (FHFA) is the right choice for one of the most important jobs in housing. Since her appointment as FHFA Acting Director in June, Ms. Thompson has repeatedly demonstrated her commitment to an equitable housing finance system. Her extensive experience at the Federal Deposit Insurance Corporation makes her particularly well qualified to oversee the safety and soundness of the housing industry through the Government Sponsored Enterprises.
Today we witnessed an important milestone in the process of passing historic legislation. President Biden has noted the importance of affordable, stable housing more often than any president in modern history. The passage of this bill would cement his legacy as one of America’s most pro-housing presidents.
“CRA was passed in direct, explicit response to redlining, a practice that targeted people of color regardless of income or credit risk to deny them the same wealth-building opportunities afforded to White Americans,” said NHC President and CEO David M. Dworkin. “NHC has always maintained that in order to be faithful to that original purpose, a modernized CRA regulation must incent financial institutions to lend not only in low- and moderate-income communities, but in communities of color specifically.”
President Biden has noted the importance of affordable, stable housing more often than any president in modern history, and the passage of this bill would cement his legacy as one of America’s most pro-housing presidents.
