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Committee to Hear Administration’s Views on GSE Reform

April 7, 2005

House Financial Services Committee Chairman Michael G. Oxley (OH) will chair a full Committee hearing on Wednesday, April 13 at 10 a.m. in room 2128 of the Rayburn Building. John W. Snow, Secretary of the Treasury, and Alphonso Jackson, Secretary of Housing and Urban Development will testify about the Administration’s perspectives on legislation to reform the Government Sponsored Enterprises — Fannie Mae, Freddie Mac, and the Federal Home Loan Banks.

Capital Markets, Insurance, and Government Sponsored Enterprises Subcommittee Chairman Richard H. Baker (LA) said, "It's important for House lawmakers to explore further the administration's views as part of our effort to accomplish reform this year, and I look forward to an informative exchange of ideas with the secretaries.”

On April 5, Rep. Baker introduced legislation designed to strengthen regulation of the GSEs. H.R 1461, the Federal Housing Finance Reform Act of 2005, which is cosponsored by Chairman Oxley and Committee Members Rep. Jim Ryun (KS), Rep. Walter B. Jones, Jr. (NC), Rep. Christopher Shays (CT), Rep. Jeb Hensarling (TX), Rep. Michael G. Fitzpatrick (PA), and Rep. Geoff Davis (KY), would establish a new regulatory agency with significantly increased authority to oversee the enterprises.

Oxley said, “I think we have to remember how much the secondary mortgage market has changed since Congress chartered the government-sponsored enterprises. The markets have expanded: the GSEs have grown dramatically both in their size and in their scope. The enterprises are two of the largest private debt issuers in the world, and that has substantial implications for our entire system.”

Scheduled to testify:

  • John W. Snow, Secretary, United States Department of the Treasury
  • Alphonso Jackson, Secretary, United States Department of Housing and Urban Development

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