June 23, 2021

Toomey Statement on Pres. Biden Removing FHFA Director Calabria

Washington, D.C. – U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after President Biden removed Federal Housing Finance Agency (FHFA) Director Mark Calabria.

“Mark Calabria has been an exceptional leader at the Federal Housing Finance Agency and has been remarkably effective in improving the safety and soundness of the GSEs while attempting to prepare a path to end the conservatorships.

“I agree with the Supreme Court that the statutory restrictions on the president’s power to remove the FHFA Director were unconstitutional, and I recognize that today’s decision clears the way for President Biden to replace Director Calabria. However, based on Director Calabria’s record of success, I believe the president is making a tremendous mistake by removing him. That mistake would be compounded if President Biden were to nominate a new director who does not share Director Calabria’s commitment to fixing the flaws in the structure of the housing finance system, ending the conservatorships, and protecting taxpayers against future bailouts.”