Senate Republican Calls New FHA Chief A "Lapdog"

Sen. Richard Shelby (R-Ala.) released the following statement after the Senate Banking Committee, on which he is the top Republican member, voted to confirm President Obama’s nominee to become the next FHA Director, Joseph Smith:

“With all due respect to his background, Mr. Smith has no experience running or regulating institutions this massive and complex,” Shelby said. “By his own admission, he believes there is a great deal he has yet to learn.  This is not a position that lends itself to on-the-job training. The first confirmed Director must hit the ground running equipped with the skills and experience needed to be a strong regulator free from influence by the current Administration. In other words, we need a watchdog not a lapdog.”

As the head of the FHA, Smith will be tasked with overseeing the government’s twin mortgage giants, Fannie Mae and Freddie Mac.