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Mark Calabria, then-director of the Federal Housing Finance Agency, during a Senate hearing on Capitol Hill in 2020. Photo: Astrid Riecken/ Pool/Getty Images

The White House on Wednesday replaced the regulator who oversees mortgage giants Fannie Mae and Freddie Mac, hours after a Supreme Court ruling enabled President Biden to oust the Trump appointee.

Why it matters: The removal of libertarian economist Mark Calabria as Federal Housing Finance Agency (FHFA) director gives Biden more control over the fate of Freddie and Fannie, "which play an outsize role in the housing market and are central to many homeowners' ability to afford homes," per the New York Times.

What's happening: The FHFA said in a statement Wednesday night that Sandra Thompson, who previously served as the Division of Housing Mission and Goals' deputy director, had been appointed acting director of the agency.

  • She previously worked at the Federal Deposit Insurance before joining the FHFA, overseeing its enforcement program for risk management and consumer protection during the financial crisis.

What she's saying: Thompson pledged in the statement to address areas of housing more in line with the Biden administration's goals.

  • "There is a widespread lack of affordable housing and access to credit, especially in communities of color," she said.
  • "It is FHFA's duty through our regulated entities to ensure that all Americans have equal access to safe, decent, and affordable housing."

Go deeper

Pelosi and Schumer agree to push Congress on climate crisis in WH meeting

House Speaker Nancy Pelosi and Senate Majority Leader Chuck Schumer at the U.S. Capitol on Wednsesday. Photo: Samuel Corum/Getty Images

Congressional leaders Nancy Pelosi (D-Calif.) and Chuck Schumer (D-N.Y.) agreed at a meeting with White House officials Wednesday to address President Biden's goals on job creation and addressing the climate crisis.

Details: They agreed that "Congress must meet Biden's goal of "investing in creating a generation of good paying jobs, addressing the climate crisis, and ensuring American workers and businesses can compete globally, while not raising taxes on anyone who makes under $400,000," per a White House readout.

Bryan Walsh, author ofย Future
59 mins ago - Politics & Policy

U.S. students fell 4 to 5 months behind during pandemic

An empty classroom in Pinole, Calif. Photo: David Paul Morris/Bloomberg via Getty Images

Elementary school students in the U.S. ended the school year four to five months behind their expected level of academic achievement, according to a new report.

Why it matters: Months of school closures and often inferior remote education eroded what schoolchildren would have learned since the pandemic began, and caused some to go backwards.

Updated 1 hour ago - Sports

Olympics dashboard

๐Ÿšจ: Simone Biles pulls out of gymnastics team finals citing her mental health

๐Ÿ„โ€โ™€๏ธ: American Carissa Moore wins first-ever women's Olympic gold in surfing

๐ŸŽพ: Naomi Osaka eliminated from Olympic tennis tournament

โšฝ๏ธ: USA women's soccer ties Australia, propelling them to the quarterfinals

๐Ÿ‰: USA men's rugby knocked out after blowing 21-0 lead to Great Britain

๐ŸŠโ€โ™€๏ธ: Teen swimmer Lydia Jacoby wins first U.S. women's Tokyo Games gold

๐Ÿ‘Ÿ: World Athletics president supports reviewing marijuana rules in doping

Go deeper: Full Axios coverage - Medal tracker