Bill Pulte was confirmed as director of the Federal Housing Finance Agency after a majority of the Senate backed him to lead an agency that plays a key role in the US housing market through its oversight of Fannie Mae and Freddie Mac.

Pulte was cleared by a vote of 56-43 on Thursday and will take the reins of the FHFA amid mounting calls for the agency to end its oversight of the two entities. The companies, which play a crucial role in the market for mortgage-backed securities, have been under conservatorship since they were bailed out by the federal government during the 2008 financial crisis.