Biden to replace head of U.S. housing finance agency after Supreme Court decision

Washington — President Biden intends to replace the head of the Federal Housing Finance Agency (FHFA), who was installed by former President Donald Trump, following a Supreme Court decision Wednesday that gives the president more leeway to remove the agency's director.

White House press secretary Jen Psaki confirmed during Wednesday's press briefing that Mr. Biden would be removing Mark Calabria as the director of the FHFA, which was created in 2008 during the financial crisis to regulate mortgage giants Fannie Mae and Freddie Mac. Psaki did not provide a timeline on when Mr. Biden would nominate a candidate to replace him. Calabria, former chief economist to Vice President Mike Pence, was tapped to serve as the director of the U.S. housing finance agency in 2019 and remained in the role into the Biden administration. His five-year term was to expire in 2024.