Who should replace Ed DeMarco?

Federal Housing Finance AgencyThe Vice President’s son — Delaware Attorney General Beau Biden — came out in support of replacing acting director of the Federal Housing Finance Agency (FHFA) Ed DeMarco.  FHFA is the conservator for Fannie Mae and Freddie Mac. As the overseer of Freddie and Fannie, DeMarco has thwarted a housing recovery.

It is time to pivot from a negative to a positive action plan.  Up till now the focus has been on the negative goal getting DeMarco out as we have chronicled in several posts.  Since the corporate Democratic Party politicans — and seemingly the tacit approval of the White House — is behind replacing DeMarco, it is time to move to step two.


We need to push the White House to name a banking activist to the position rather than another captive of the banking industry.  The most recent name floated is Rep. Mel Watt. He is the 7th highest recipient of Banking industry contributions in the House. Not who we would want in the position.


And don’t fall for the corporate argument that since we got what we want by replacing DeMarco we should sit down and shut up. That tactic has failed again and again.  When we are winning, we need to double down, not back down.  Too often the progressive movement has been talked into snatching defeat from the jaws of victory.  The people who got us into this mess are not the people to lead us out of it.  We need to appoint someone who has stood outside of it, and is free of banking entanglements.


Tell the White House and your Senators that you expect DeMarco’s replacement to be a banking reformer, not a banking affiliate.




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