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President Obama will nominate N.C. Congressman Mel Watt to head the Federal Housing Finance Agency. This agency oversees Fannie Mae and Freddie Mac. Watt has served the 12th District, which snakes through Charlotte, Greensboro and parts of Winston-Salem since it was created in 1992.

Watt serves on the House Financial Services Committee, which oversees housing issues. Watt’s announcement comes two days after President Obama nominated Charlotte mayor Anthony Foxx to be secretary of the DOT. Obama has been under fire from black legislators for the lack of African Americans in his new administration.

If Watt is confirmed his departure will result in a special election to fill the vacant seat for the remainder of his term. State Sen. Malcolm Graham of Charlotte told the Observer on Wednesday that he’s “definitely running” if Watt is confirmed. Rep. Rodney Moore of Charlotte said he’s “strongly considering it,” according to the Observer. The Observer reports that Reps. Alma Adams of Greensboro, Marcus Brandon of High Point and Ed Hanes of Winston-Salem have also indicated an interest.