WASHINGTON, DC - The Senate and the White House broke off talks late Thursday on confirming dozens of nominees, including President Bush's choice for housing secretary, until at least next month. Steven Preston was set to be confirmed as head of the Housing and Urban Development Department for the remainder of Bush's term before the Senate left town for its weeklong Memorial Day vacation. But majority Democrats and Bush's aides could not agree on who among the nearly 80 nominees for other posts would be confirmed, Majority Leader Harry Reid of Nevada said.
Talks were expected to continue during the break, Senate Democrats said. Congress resumes session the first week of June. Preston's would have been an unusually quick confirmation. Hours earlier at his confirmation hearing, he assured senators he would use his time at the department to try to help solve the housing crisis. "I'm a firm believer that we can get a lot done in eight months," he told the Senate Banking, Housing and Urban Affairs Committee.
Preston, currently head of the Small Business Administration, was nominated to replace former HUD Secretary Alphonso Jackson, who resigned in March amid a criminal investigation and allegations of political favoritism. "If confirmed, you will only be in office a short time," committee chairman Christopher Dodd, D-Conn., noted. Bush's term ends in January. "But I urge that your first order of business be to begin to clean up and restore confidence in HUD among employees and the American public."
Preston also will be at the center of efforts to help people fight record-high foreclosures. Rising interest rates and the collapse of the once high-flying housing market have made it impossible for some to afford their monthly mortgage payments or sell their homes.
The committee just approved legislation that would give cheaper, government-backed mortgages to as many as 500,000 strapped borrowers. The bill also tightens regulation of government-sponsored mortgage companies Fannie Mae and Freddie Mac, which would finance a new affordable housing fund that would temporarily be used to pay for the homeowner rescue. "I believe you could be the linchpin in dealing with a lot of this mortgage mess," said Sen. Richard Shelby of Alabama, top Republican on the committee. "If I'm confirmed, I'm going to be at the table working collaboratively with you all," Preston said.
Preston has a background of 25 years in financial and operational leadership positions. Before joining the SBA, he was executive vice president of The Service Master Co., where he also served as chief financial officer. Before that, he was a senior vice president and treasurer of First Data Corp. and an investment banker at Lehman Brothers. Preston was sworn in as head of SBA in July 2006, after his nomination was unanimously confirmed by the Senate.
Source: AllHeadlineNews.com