SpaceX engineer joins Fannie Mae board following shakeup

Fannie Mae has appointed Christopher Stanley, a cybersecurity engineer at SpaceX and the social media platform X, to its board of directors. This appointment signals the growing influence of Elon Musk's associates in the federal government. The information was shared in a regulatory filing on Monday. The board changes come shortly after Bill Pulte was confirmed as the new director of the Federal Housing Finance Agency (FHFA), which supervises Fannie Mae and Freddie Mac. Pulte's confirmation is crucial as these institutions play a significant role in the U.S. housing market, especially after being under government control since the 2008 financial crisis. Stanley's position on the board gives him access to sensitive data about home lending, which could be powerful in guiding Fannie's future. Investors have been pushing for the release of Fannie and Freddie from government conservatorship, which could lead to substantial profits for hedge funds. In addition to Stanley, Bill Pulte is known for his philanthropic efforts on social media. He has already indicated that he plans to review the budgets of Fannie and Freddie. Pulte aligns himself with Musk's initiatives, aiming to drive changes that support American homeowners. Stanley's role will also provide him with an annual compensation of $160,000. This move is part of a broader trend where Musk's team seeks to influence government agencies and gain access to valuable information, raising concerns among some federal officials.