Michael Bright has been running the federal mortgage backer Ginnie Mae as chief operating officer since 2017.
Bright was formally nominated to take over the May post, but his confirmation has been bottled up in the Senate. Late Wednesday, the Department of Housing and Urban Development announced that he had submitted his resignation, effective January 16.
On Thursday morning, he announced: "Bright has been hired as CEO of the Structured Finance Industry Group, a trade Association for workplaces that work in mortgage-backed securities and other forms of debt. According to the group's press release, Bright wants to "help SFIG to reinforce the understanding that securitization is an essential source of core funding for the real economy."
In a few months on the job, Bright joins a merry-go -round of administration officials, with the White House scrambling to fill critical positions at the Departments of Justice and Defense.
Fannie Mae, Ginnie Mae and Freddie Mac ̵
1; that's what the financial industry wants to do with the government-sponsored enterprises
"These guys were the private securitization market that crashed in the crisis, and now they're trying to revive it," says Marcus Stanley, policy Director of Americans for Financial Reform, a consumer advocacy non-profit. "Michael Bright is the perfect hire for you."
It's not Bright's first turn in the private sector. Tennessee Republican Sen. Bob Corker's staff as an adviser on financial services issues.
Ginnie Mae: After four years in Congress, he left to advise on conducting stress tests at BlackRock, and did a stint at a think tank. Ginnie Mae from HUD and de-emphasized her affordable housing goals.
Ginnie Mae from HUD is not enough.
Senate Banking Committee but did not proceed further.
The revolving door has been almost at financial regulators. Democrats criticizes the acting head of the Comptroller of the Currency, Keith Norieka, for serving in his post for months in 2017 without undergoing Senate confirmation; Norieka then returned to advising banks at the same time. Now, OCC chief Joseph Otting is also running the Federal Housing Finance Agency while a new nominee is vetted.
"In the Trump era, people have realized that they are spending less on stint running things," said Jeff Hauser, director of the Revolving Door Project, which focuses on executive staff issues. Rolodex: Industry does not think Trump's going to be re-elected, so it's possible that your ties are going to decline in value pretty quickly. "