Thompson will lead FHFA, the curator and overseer of Fannie Mae and Freddie Mac, until a full-time candidate is confirmed by the Senate. Biden has yet to choose a permanent replacement for Mark Calabria, a Trump-appointed person who had led the FHFA since 2019 until he was sacked by the president on Wednesday.
Thompson has been Deputy Director of the Housing Mission and Goals (DHMG) Division of the FHFA since 2013. She joined the FHFA after more than 23 years at the Federal Deposit Insurance Corp. (FDIC).
“As a long-time regulator, I am committed to ensuring that our country’s housing finance systems and our regulated entities operate in a safe and healthy manner. We can accomplish this while focusing on mission and community investment, ”Thompson said in a statement.
“There is a widespread lack of affordable housing and access to credit, especially in communities of color. It is the duty of the FHFA, through our regulated entities, to ensure that all Americans have equal access to safe, decent and affordable housing.
Biden’s decision to replace Calabria came hours after the Supreme Court on Wednesday overturned a provision limiting when the president could fire the FHFA director.
The court ruled that the director of the FHFA must be sacked at will by the president, and not just for misconduct or wrongdoing, in order to preserve his authority over the executive power.