On May 20, the White House announced that Michael Stegman, a senior official at the Department of Treasury, will join the National Economic Council (NEC) as its main advisor on housing issues.
The NEC coordinates policy making for domestic and international economic issues, provides economic policy advice for the President, ensures that policy decisions and programs are consistent with the President’s economic goals, and monitors implementation of the President’s economic policy agenda.
During his time at Treasury, Mr. Stegman played a key role in developing the Administration’s housing finance policy, particularly around reforming Fannie Mae and Freddie Mac, and expanding access to mortgage credit.
With Mr. Stegman’s appointment to the NEC, it is unlikely that the Obama Administration will propose any major housing policy changes in its final months and Fannie and Freddie will likely remain in conservatorship in the near future. In a recent speech, Mr. Stegman said “allowing the GSEs to exit conservatorship within the existing framework…exposes taxpayers to great risk and is irresponsible” (see Memo, 3/16).
Responding to the appointment, Treasury Secretary Jacob Lew stated, “In nearly four years at Treasury, Michael Stegman has been a critical part of the Administration’s effort to put our housing market on stronger footing, and I am grateful for his tireless work to help reform our housing finance system in a way that strengthens our economy, protects taxpayers, and expands access to credit for hardworking Americans.”
Prior to joining Treasury in 2012, Mr. Stegman was a housing and domestic policy director at the John D. and Catherine T. MacArthur Foundation, taught housing policy and community development finance at the University of North Carolina at Chapel Hill, and was Assistant Secretary for Policy Development and Research at HUD during the Clinton administration.