Calabria is the former director of the Federal Housing Finance Agency, which regulates and supervises Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. During his service at the agency, Calabria led the response to COVID-19, as well as laid the groundwork for a removal of Fannie Mae and Freddie Mac from government conservatorship.

Prior to his heading of the Federal Housing Finance Agency, Calabria served as chief economist to Vice President Mike Pence. In that role, he led the vice president’s work on taxes, trade, labor, financial services, manufacturing, and general economic issues, including serving as a key member of the team that enacted the Tax Cuts and Jobs Act of 2017 and on the team that crafted the United States‐​Mexico‐​Canada trade agreement. Calabria served as the vice president’s primary representative for the U.S.-Japan Economic Dialogue.

Calabria served as a senior aide to the U.S. Senate Committee on Banking, Housing, and Urban Affairs under chairs Richard Shelby and Phil Gramm. During his Senate service, he acted as the primary drafter of the Housing and Economic Recovery Act of 2008, which established a stronger regulatory framework for the government-sponsored housing enterprises. He also led the banking committee’s response to Hurricane Katrina, as well as its work on the Shelby‐​Dodd Flood Insurance Reform and Modernization Act of 2008, which served as the basis for the Biggert‐​Waters Flood Insurance Reform Act of 2012.

Prior to his Senate service, Calabria served as the deputy assistant secretary for regulatory affairs in the Office of Housing at the U.S. Department of Housing and Urban Development. Calabria has also held positions with Harvard University’s Joint Center for Housing Studies, the National Association of Realtors, and the National Association of Home Builders. He holds a doctorate in economics from George Mason University.