New Inspector General for the FHFA May Soon be Confirmed by Senate
On Wednesday, July 16, Laura S. Wertheimer’s nomination to be Inspector General of the Federal Housing Finance Agency (FHFA) was placed on the Senate Calendar to be voted on by lawmakers at a later date.
Laura Wertheimer is a partner in the Securities Department of the law firm Wilmer Cutler Pickering Hale and Dorr, which is based in Washington, D.C. According to her online biography, Ms. Wertheimer represents public companies, audit committees, special committees, individual directors and officers, accountants and lawyers in civil and criminal securities law enforcement investigations by the Securities and Exchange Commission, the Department of Justice and the Federal Deposit Insurance Corporation. Her position requires time-sensitive internal investigations of possible misconduct for clients, and she counsels clients on corporate governance and compliance issues.
As Inspector General for the FHFA, Ms. Wertheimer would be responsible to promote the efficiency and effectiveness in the Agency, and to prevent and detect fraud, waste, and abuse in its programs. This includes oversight of the Government Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac as they remain in conservatorship. In June, Laura Wertheimer appeared in a hearing before the Senate Banking, Housing and Urban Affairs Committee. Her written testimony describes the skills she will bring to the Inspector General position at the FHFA:
“Strong independent oversight of FHFA programs and operations is critical to safeguard taxpayer dollars and ensure that FHFA programs and the FHFA’s conservatorships of Fannie Mae and Freddie Mac are conducted in accordance with the laws enacted by Congress. If confirmed as the FHFA Inspector General, I will exercise my duties aggressively and independently.”
The Chairman of the Senate Banking Committee, Tim Johnson (D-SD), remarked on Wertheimer’s readiness to be Inspector General during the hearing:
“To the position of Inspector General, she brings her experience representing audit committees and evaluating procedures and compliance standards for financial institutions. Ms. Wertheimer will bring extensive experience to the position of Inspector General to ensure that the FHFA is fulfilling its mandates set forth by Congress.”
NAHMA will update members as the status of her nomination progresses.
To view Laura Wertheimer’s testimony before the Senate Banking Committee, please
click here.
