President Barack Obama has nominated a veteran Democratic congressman to direct the Federal Housing Finance Agency, and a top fundraiser and former lobbyist to head the Federal Communications Commission.
Obama tapped Rep. Melvin Watt, D-N.C., to the housing finance post, a job charged with regulating lending giants Fannie Mae and Freddie Mac.
In a nominating ceremony at the White House, Obama says Watt "knows what it's going to take" to help homeowners recover from the housing crisis.
Obama also nominated Tom Wheeler to become the country's top telecommunications regulator. Wheeler is the former head of the Cellular Telecommunications & Internet Association and the National Cable Television Association, but has worked as a venture capitalist since 2005.