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Senate Banking Committee Approves Castro as Next HUD Head

NationalMortgageProfessional.com
Jun 26, 2014

The U.S. Senate Banking Committee has approved the nomination of San Antonio Mayor Julian Castro as next head of the U.S. Department of Housing & Urban Development (HUD) by a 16-6 vote on Wednesday. “As Mayor of San Antonio, Mayor Castro has been on the frontlines of helping his community reach its housing and economic development goals," said Senate Banking Committee Chairman Tim Johnson (D-SD). "In his tenure as Mayor, he has focused on attracting well-paying jobs in 21st Century industries, raising educational attainment, and revitalizing the city’s urban core. HUD is a critical partner in these efforts nationwide. Mayor Castro will bring both direct experience with and an appreciation of the important role that HUD programs play for families, communities, and taxpayers to the role of HUD Secretary." Castro will replace Shaun Donovan, who has been nominated by President Barack Obama as the next Director of the Office of Management and Budget (OMB). Also on Wednesday, the Senate Homeland Security and Governmental Reform Committee approved Donovan's nomination, which now heads to the full Senate for a vote. "Shaun has earned a reputation as a great manager, a fiscally responsible leader, and somebody who knows how the decisions we make here in Washington affect people’s lives all across the country," said President Obama. "And that’s why I’m absolutely confident he will do a great job leading the Office of Management and Budget, and help even more hardworking Americans get ahead." Mayor Castro is a graduate of Stanford University and Harvard Law School, becoming the youngest mayor of a major U.S. city when elected to lead the city of San Antonio at the age of 39 in May 2009. At his recent nomination hearing, Castro said he would ensure that taxpayers would not foot the bill again should another housing crisis arise. “MBA commends the Senate Banking Committee for approving Julian Castro to be the next Secretary of HUD," said David H. Stevens, president and CEO of the Mortgage Bankers Association (MBA). "We now hope the full Senate will quickly confirm not only Julian Castro as HUD Secretary, but also Shaun Donovan as the new Director of OMB. Once both are confirmed, it will only strengthen the Administration’s depth in housing issues, as both men are suitably positioned to tackle the important challenges facing our industry."
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