Reid: Watt nomination to wait until after August recess

{mosads}Watt was approved by the Senate Banking Committee earlier this month down a strict party line vote, and several Republicans have vocally aired their concerns about his qualifications to take over the housing regulator.

If confirmed, Watt would take the reins of the regulator charged with overseeing Fannie Mae and Freddie Mac, and Republicans have questioned whether the attorney by training has the technical skills for the job. Sen. Richard Burr (R-N.C.) is the only Republican to endorse the pick thus far, leaving Watt currently short of the votes needed to overcome a potential GOP filibuster.

Watt and Democrats have defended the selection, saying the lawmaker has a breadth of experience from his time as an attorney processing mortgage deals and as a senior member of the House Financial Services Committee.

President Obama nominated Watt for the job in May. The position has been filled by acting director Edward DeMarco since 2009.