The Corner

‘The Fox Is Guarding the Henhouse’

So says Senator Bob Corker (R., Tenn.), a member of the Senate Banking Committee, of President Obama’s nomination of Representative Mel Watt (D., N.C.) to head the Federal Housing Finance Agency, which oversees Fannie Mae and Freddie Mac. The Washington Post reports that liberals are not altogether happy with the nomination either, pointing to Watts’s “coziness with the financial industry.” Watt’s record in Congress has been one of viewing public policy through a racial lens. So I would add that, if racial politics are not supposed to influence Fannie Mae’s and Freddie Mac’s policies — many believe such politics played a major role in the recent mortgage meltdown and ensuing financial crisis — it’s hard to imagine that Mel Watt is the man for this job.

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