The Biden administration has named a new watchdog chief for the Federal Housing Finance Agency (FHFA) subsequent the departure of the agency’s embattled inspector typical.
Phyllis Fong, the major watchdog at the United States Division of Agriculture (USDA) because 2002, was tapped past 7 days to just take in excess of as performing main of the business office formerly led by Laura Wertheimer. Fong will continue to maintain her submit at USDA.
Wertheimer very last thirty day period introduced she would resign at the finish of July, subsequent two investigations that decided she experienced abused her authority and mistreated staff.
As acting head of the Place of work of Inspector Typical (OIG), Fong will be tasked with overseeing the federal government’s regulation of Fannie Mae, Freddie Mac and the Federal House Mortgage Lender Method.
“FHFA OIG has an critical mission — to offer oversight and suggestions to empower FHFA to deliver its courses as proficiently as possible. I glance ahead to performing with FHFA OIG’s staff to attain this mission,” Fong stated in a statement Friday.
Prior to her time as the USDA’s top watchdog, Fong served in the identical purpose at the Compact Business enterprise Administration. In 2008, Fong was elected as the to start with chairperson of Council of the Inspectors General on Integrity and Efficiency, where she subsequently served a few terms. The council carried out one particular of the two investigations into Wertheimer’s tenure at FHFA.
Acting FHFA Director Sandra L. Thompson voiced her guidance of Fong in a statement very last 7 days.
“FHFA requires good satisfaction in staying a entire world-class prudential regulator,” she claimed in a statement Friday. “Inspector Fong’s management in FHFA OIG will provide the oversight necessary to be certain that FHFA executes our mission in an effective and productive method without the need of squander, fraud, or abuse.”
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“For practically two decades, Phyllis has fostered an environment of transparency, accountability, and protection at USDA although serving as Inspector Normal,” he explained in a assertion. “Her many awards and management in this region spotlight her commitment to making certain that federal packages are effective and to preventing fraud, waste, and abuse.”
Raphael Williams, an FHFA spokesperson, explained Fong’s appointment was at President Biden
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Previous thirty day period, three advocacy groups despatched a letter to Biden urging him to designate a non permanent replacement for Wertheimer and reduce her from naming her possess successor, specifically considering that some of her senior colleagues were being also accused of abusive habits in the investigations.
Sens. Chuck Grassley
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