REP. MEL WATT NOMINATION TO FHFA DIRECTOR

"President Obama's nomination of our esteemed colleague Rep. Mel Watt for director of the Federal Housing Finance Agency is a great step forward in continued efforts to rebuild the housing market. Without a doubt, he is the right person to shepherd in a new era for the agency.

"During the housing crisis, overall Hispanic household wealth dropped by 66 percent- the most of any racial or ethnic group, so having a strong advocate for our community serving as FHFA Director is critical. Serving alongside Mel in the House Committee on Financial Services, I can personally attest that he has been actively involved in every major piece of legislation we have worked on.

"The path to a stronger economy requires that the American middle class consumer is protected against harmful financial practices and has a fair shot at affordable housing. As a small business owner and development attorney, Mel knows first-hand how to enact the reforms necessary to keep the door open to homeownership to our low income and middle class communities.

"Since 1992, Mel has tirelessly represented the congressional district with the most financial institutions outside of Wall Street and has fought to ensure all Americans were protected from predatory lending practices.

"We look forward to an expedient confirmation process in the Senate and will support Rep. Watt each step of the way."