OFHEO Announces Final Enhanced Corporate Governance Regulation
|April 5, 2005|
Complete Text of Regulation|
WASHINGTON, D.C. - The Office of Federal Housing Enterprise Oversight (OFHEO) has sent to the Federal Register a final corporate governance rule that amends and strengthens the existing regulation and reduces the potential for future corporate misconduct at Fannie Mae and Freddie Mac.
The amendments address the operations, code of conduct and compensation of the management and Boards of Directors of the Enterprises. The rule changes stem, in part, from OFHEO's special examinations of Fannie Mae and Freddie Mac. Upon publication in the Federal Register, the rule will become final.
"This regulation is part of our continuing effort to ensure that Fannie Mae and Freddie Mac are held to the highest standards of business conduct and corporate governance," said Armando Falcon, OFHEO Director.
The changes to the existing corporate governance rule include:
Board of Directors
Codes of Conduct and Ethics