Should a former high-profile derivatives industry lobbyist be put in charge of the federal agency that regulates Freddie Mac ( FRE) and Fannie Mae ( FNM)? That's the question facing the Senate Banking Committee after the Bush administration tapped Mark Brickell to head the Office of Federal Housing Enterprise Oversight. The issue promises to draw extra attention in light of the growing scandal over Freddie Mac's derivatives portfolio. Critics say Brickell, while well-versed in the nuances of a complicated market, might be unwilling to take a tough stand on potential derivatives abuses. Given Brickell's long opposition to regulating the industry, one critic likened the appointment of the former J.P. Morgan Chase ( JPM) managing director to putting a "fox in charge of the henhouse."