ATR Leads Coalition Letter Supporting Dr. Calabria for Director of FHFA

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Posted by James Setterlund on Monday, March 25th, 2019, 1:47 PM PERMALINK

ATR led a coalition letter supporting Dr. Mark Calabria to be confirmed as the Director of the Federal Housing Finance Agency.

During the financial crisis, Congress passed the Housing and Economic Recovery Act of 2008, which created FHFA. HERA authorized FHFA to guarantee hundreds of billions in 30-year fixed-rate mortgages to help boost confidence in the housing market and government sponsored enterprises. FHFA also serves as the regulator of the GSE’s Fannie and Freddie.

Since taking Fannie and Freddie into conservatorship in September 2008, the GSE’s have remained in conservatorship, which has been seen as the last piece of the crisis that truly remains un-reformed. President Trump and Treasury Secretary Mnuchin have been vocal proponents of ending the status quo of the conservatorship, with reforms beginning through appropriate leadership at the top of the agency.

Dr. Mark Calabria represents this leadership change to help bring much needed reforms to the GSE’s and has the experience and education to lead the agency. ATR President Grover Norquist has called Dr. Calabria “one of the most qualified candidates to serve in government.”

The coalition letter urges the full Senate to consider his nomination and swiftly move to confirm his appointment. 

Click here to view the coalition letter or see below:

March 25, 2019

 

The Honorable Mitch McConnell

Majority Leader

United States Senate

S-230, U.S. Capitol

Washington, DC 20510

 

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.

We, the undersigned organizations, support the confirmation of Dr. Mark Calabria to serve as the Director of the Federal Housing Finance Agency, and we urge the Senate to consider his nomination as a priority.

Sincerely,

Grover Norquist

President, Americans for Tax Reform

Tim Chapman

Executive Director, Heritage Action

Andrew F. Quinlan,

President, Center for Freedom and Prosperity

Adam Brandon

President, FreedomWorks

Heather R. Higgins

CEO, Independent Women’s Voice

Phil Kerpen

President, American Commitment

Pete Sepp

President, National Taxpayers Union

Iain Murray

Vice President, Competitive Enterprise Institute

Matthew Kandrach

President, Consumer Action for a Strong Economy

 

CC: Mick Mulvaney, Chief of Staff, Executive Office of the President

Larry Kudlow, Director, National Economic Council, Executive Office of the

President

Shahira Knight, Director, Office of Legislative Affairs, Executive Office of

the President

 

Photo Credit: Flickr

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