FHFA Nominee Mel Watt Won’t Get Vote Until September, Reid Says

Senate Majority Leader Harry Reid said the U.S. Senate won’t vote on the nomination of Representative Mel Watt to oversee mortgage giants Fannie Mae and Freddie Mac before Congress adjourns this week for its summer break.

Watt, a North Carolina Democrat, was selected by President Barack Obama to head the Federal Housing Finance Agency, the regulator for the U.S-owned mortgage financiers. Republicans have argued that as a lawmaker, Watt isn’t qualified for the job.

Reid had previously said he would try to bring Watt’s nomination to the Senate floor before the congressional recess that begins Aug. 3.

Watt needs support from at least six Republicans to gain the 60 votes needed for the Senate to take up his confirmation. Senator Richard Burr of North Carolina is the only Republican who has endorsed him so far.

Before it's here, it's on the Bloomberg Terminal.