Sen. Panel OKs FHFA Head, Setting Up Floor Battle

Law360, New York (July 18, 2013, 3:58 PM EDT) -- The Senate Banking Committee on Thursday approved the nomination of Rep. Mel Watt, D-N.C., to lead the Federal Housing Finance Agency, voting along party lines and setting up a Senate floor showdown over his qualifications to serve in the post, which oversees Fannie Mae and Freddie Mac.

The committee voted 12-10 to advance Watt's nomination to the Senate floor, where it will meet resistance from Republicans who think Watt is too much a politician to lead the organization effectively.

"This position is like no other position...
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