MReport June 2022

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12 | M R EP O RT MCROWD GOVERNMENT SANDRA L. THOMPSON Sandra L. Thompson has been officially confirmed by the U.S. Senate as the next Director of the Federal Housing Finance Agency (FHFA), by a vote of 49-46. On June 23, 2021, the White House appointed Thompson as Acting Director of the FHFA, and prior to that, she served as Deputy Director of the Division of Housing Mission and Goals (DHMG). Her official nomination was sent to the Senate by President Joe Biden on December 17, 2021, and on March 16, 2022, the Senate Banking Committee advanced Thompson's nomination by a vote of 13-11. Since March 2013, as the DHMG Deputy Director, Thompson oversaw the FHFA's housing and regulatory policy, capital policy, financial analysis, fair lending, and all mission activities for Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. Prior to joining the FHFA, Thompson worked at the Federal Deposit Insurance Corporation (FDIC) for more than 23 years in a variety of leader- ship positions, including as Director of the Division of Risk Management Supervision. During her tenure at the FDIC, Thompson led the agency's examination and enforcement program for risk management and consumer protection. She also led the FDIC's outreach initiatives in response to a crisis of consumer confidence in the banking system. Her experiences range from supervision to consumer protec- tion, risk management, and consumer outreach activities. JULIA GORDON Julia Gordon has been confirmed by the U.S. Senate as Assistant Secretary of the U.S. Department of Housing & Urban Development (HUD) and Commissioner of the Federal Housing Administration (FHA). Originally nominated June 24, 2021 for the role of FHA Commissioner by President Joe Biden, Gordon most recently served as President of the National Community Stabilization Trust (NCST), a Washington, D.C.-based nonprofit organization that facilitates the transfer of foreclosed and abandoned properties from financial institutions to local housing organizations to promote property reuse and neighborhood stability. Gordon previously served as Senior Director of Housing and Consumer Finance at the Center for American Progress, manager of the Single-Family Policy team at the Federal Housing Finance Agency (FHFA), and Senior Policy Counsel at the Center for Responsible Lending (CRL). "Julia Gordon's accomplished career in real estate has prepared her to lead the FHA at a time when housing in America is at somewhat of a crossroads," National Association of Realtors (NAR) President Leslie Rouda Smith said. "We congratulate Commissioner Gordon and commend Congress for finalizing her confirma- tion, as rising mortgage rates and persistent, nationwide inventory shortages make it critical to have strong leadership atop the agency. NAR looks forward to continuing our work alongside the FHA to address the country's six-million-unit gap in safe, affordable housing, particularly as it impacts communities of color, low- and middle-income Americans, and all first-time homebuyers." ELIZABETH DE LEÓN BHARGAVA Elizabeth de León Bhargava has been sworn in as Assistant Secretary for Administration for the U.S. Department of Housing & Urban Development (HUD). "Elizabeth is an exceptional public servant with a distinguished track record of growing diverse, inclu- sive, and talented workforces in the public sector," HUD Secretary Marcia L. Fudge said. "Her leadership and expertise will be invaluable as we continue to strengthen HUD's internal capacity and efficiency to meet the housing needs of America's families and communities." Assistant Secretary Bhargava has served as an executive in the public sector for more than 20 years, including previously as New York State Deputy Secretary for Labor & Workforce. Assistant Secretary Bhargava has also served as a senior advisor to the Speaker of the New York City Council, Deputy Commissioner of the New York City Department of Small Business Services, and Assistant Deputy Counselor in the New York State Office of the Attorney General. She was confirmed by the Senate on May 3, 2022. "HUD's Office of Administration This month, some of the industry's largest firms welcomed several new hires to expand their operations. Who's moving on and who's moving up in the industry plays a vital role in the Department's work, and I'm pleased to join such a talented staff in strengthening and enabling HUD's workforce," Assistant Secretary Bhargava said. "I look forward to joining Secretary Fudge and HUD in delivering our mission to create strong, sustainable, inclusive communities and quality affordable homes for all." JEROME POWELL Jerome Powell has been confirmed by the U.S. Senate for a second term as Chairman of the Board of Governors of the Federal Reserve System for a term of four years, by a vote of 80-19 (one senator did not vote). Powell took office for his first term on February 5, 2018. In addi- tion to serving as Chair of the Fed, Powell also serves as Chairman of the Federal Open Market Committee (FOMC), the System's principal monetary policymaking body. He has served as a member of the Board of Governors since taking office on May 25, 2012, to fill an unexpired term, and was reappointed to the Board and sworn in on June 16, 2014, for a term ending January 31, 2028. Prior to his appointment to the Fed, Powell was a visiting scholar at the Bipartisan Policy Center in Washington, D.C., where he focused on federal and state fiscal issues. From 1997-2005, Powell was a Partner at The Carlyle Group. He also served as an Assistant Secretary and as Under Secretary of the U.S. Department of the Treasury under President George H.W. Bush, responsible for policy on financial institutions, the Treasury debt market, and related areas. Prior to joining the Bush administration, Powell worked as a lawyer and investment banker in New York City. "I have made it clear that tackling inflation is my top domestic prior- ity," said U.S. President Joe Biden in a statement. "So, I am pleased to see the Senate take a step forward on my agenda to get inflation under control by confirming my nominees to the Fed. I want to thank the Senate for confirming Jerome Powell. The Federal Reserve plays a primary role in fighting inflation, and these well- qualified members of the Board will bring the skill and knowledge needed at this critical time for our economy and families across the country."

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