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Tuesday, 12/11/2018 10:13:03 PM

Tuesday, December 11, 2018 10:13:03 PM

Post# of 803931
Trump Picks Two Nominees for Top Financial Posts; If confirmed,
Mark Calabria would oversee Fannie Mae and Freddie Mac,
and Heath Tarbert would lead CFTC


8:37 pm ET December 11, 2018 (Dow Jones) .. By Andrew Ackerman

WASHINGTON—
The White House on Tuesday said it would nominate Mark Calabria, a top vice presidential aide, to head the federal agency charged with overseeing Fannie Mae and Freddie Mac , and Heath Tarbert, a senior Treasury Department official, to become the top U.S. derivatives regulator.

If confirmed by the Senate, Mr. Calabria, an economist, would become the director of the Federal Housing Finance Agency , replacing Mel Watt , an Obama-appointed official whose term ends in January.

Mr. Calabria has been critical of some of the basic foundations of the U.S. mortgage market, advocating for the elimination of government support for the 30-year fixed-rate mortgage and for banks to hold more of the loans they originate. He would play a pivotal role over the biggest unresolved legacy from the financial crisis: what to do with the failed mortgage-finance companies a decade after their government takeover at the height of the financial crisis.

The housing industry had been pushing the White House to consider someone other than Mr. Calabria, who might advocate for more incremental steps to reduce the companies' footprints in housing.

Mr. Tarbert, who must also be confirmed by the Senate, would replace J. Christopher Giancarlo as the chairman of the Commodity Futures Trading Commission sometime next year. Mr. Tarbert currently serves as assistant secretary for international markets at Treasury, where his portfolio includes representing the U.S. at the Financial Stability Board and other international regulatory bodies. He also serves as Treasury's point person on the Committee on Foreign Investment in the U.S ., known as Cfius , a secretive national-security committee that reviews overseas investments in the U.S.

The Wall Street Journal reported on Monday that the White House was preparing to nominate both individuals.

Write to Andrew Ackerman at andrew.ackerman@wsj.com