WASHINGTON (MarketWatch) -- President Barack Obama's choice to run the agency that regulates mortgage-finance giants Fannie Mae (FNMA) and Freddie Mac (FMCC) failed a test vote in the Senate on Thursday. Rep. Mel Watt, a North Carolina Democrat, garnered 56 yes votes, four short of the 60 needed to advance his nomination. Republicans have opposed Watt's nomination, saying a candidate with more experience in housing-finance markets should lead the regulator. Just two Republican senators -- Richard Burr of North Carolina and Rob Portman of Ohio -- voted to advance the nomination.It's unclear how Democrats plan to proceed with the nomination now that it has been blocked.
-Robert Schroeder; 415-439-6400; AskNewswires@dowjones.com
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10-31-13 1301ETCopyright (c) 2013 Dow Jones & Company, Inc.
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