Banking Panel Approves HUD Nominee

The Senate Banking Committee has unanimously approved the nomination of Alphonso Jackson to be the new secretary of the Department of Housing and Urban Development.He is expected to be confirmed by the full Senate very quickly. Mr. Jackson is currently the acting secretary of HUD, but his confirmation appeared to be in jeopardy until he decided to pull back from issuing a controversial final rule that would have revamped the mortgage application and settlement services process. In light of Mr. Jackson's decision to withdraw the Real Estate Settlement Procedures Act rule, Sen. Wayne Allard, R-Colo., said he will support the president's nominee. "I am pleased that recent actions by Mr. Jackson demonstrated his responsiveness to congressional direction," Sen. Allard said. "I am happy to support Mr. Jackson's nomination."