The comptroller of the currency will step in when FHFA Director Mel Watt's term ends
President Donald Trump has selected Comptroller of the Currency Joseph Otting to head up the Federal Housing Finance Agency beginning Jan. 6.
Ott will take over as acting director of the agency following the end of current FHFA Director Mel Watt’s term.
“I am honored that President Trump has designated me to be acting director of the Federal Housing Finance Agency,” Ott said in a statement. “I look forward to serving in this additional role until a permanent director is confirmed and appointed to this important position.”
Trump intends to nominate Mark Calabria, chief economist for Vice President Mike Pence, to serve as the permanent director, according to a report by American Banker.
“Successfully leading both the Office of the Comptroller of the Currency and the FHFA would not be possible without the quality staff and leadership at both agencies,” Otting said. “I look forward to continuing the vital work of the OCC to ensure the federal banking system operates in a safe, sound, and fair manner, just as I look forward to leading the FHFA in its important roles overseeing the Federal Home Loan Bank System and (as) conservator of Fannie Mae and Freddie Mac.”