President Biden Appoints Sandra Thompson as Acting Director of the FHFA

On June 23, the Supreme Court upheld part of a lower court ruling that deems the FHFA’s structure unconstitutional, as it restricted the President’s power to remove the FHFA director ahead of their five-year term’s expiration unless “for cause.” This decision, which is in line with a similar Supreme Court decision concerning the CFPB’s structure, gives President Biden and future presidents the authority to remove the head of the FHFA at-will. Following the Supreme Court decision, President Biden appointed Sandra Thompson to serve as the acting director of the FHFA, replacing former director Mark Calabria, an appointee of former President Trump.

Thompson previously served as the FHFA’s Deputy Director of the Division of Housing Mission and Goals, overseeing the agency’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. In a statement, Thompson emphasized her commitment to ensuring the safety and soundness of the U.S. finance systems and regulated entities, while advancing the FHFA’s duty to “ensure that all Americans have equal access to safe, decent and affordable housing.” Thompson will serve as acting director of the FHFA until a permanent director is confirmed by the Senate.

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