WASHINGTON -(Dow Jones)- A North Carolina banking regulator the Obama administration had nominated for a job overseeing Fannie Mae (FNMA) and Freddie Mac (FMCC) has instead been chosen for another term in his state.
North Carolina Banking Commissioner Joseph Smith said Friday that Gov. Bev Perdue plans to nominate him for another four-year term, a post he has held since 2002. The post requires the approval of North Carolina's General Assembly.
Smith was picked in November to lead the Federal Housing Finance Agency, which oversees Fannie and Freddie. But the White House said Thursday he had asked not to be re-nominated for the post this year.
Smith had met with resistance from Republicans on Capitol Hill, who were concerned about whether he would have enough independence from the Obama administration.
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