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Watt confirmation fails

The Senate confirmation of Rep. Mel Watt (D-NC) as the director of the Federal Housing Finance Agency failed to reach the needed 60 votes. The vote was 56 to 42 to advance.

In a statement to the White House, CUNA stated that "Rep. Mel Watt is a very astute and thoughtful legislator who throughout his career has listened to the concerns of credit unions as he analyzed and voted on legislation." CUNA also wrote that it looked forward to working with Rep. Watt, if he were confirmed.

Rep. Watt was nominated for the position in May. The director of the Federal Housing and Finance Agency oversees mortgage lenders Fannie Mae and Freddie Mac. Senate Majority Leader Harry Reid says that he will try again in the near future to get Watt confirmed.