Shelby-Oxley Announce Commitment to Legislate GSEs, Outline Bipartisan Process

September 10, 2003

Today, House Financial Services Committee Chairman Michael G. Oxley (OH) and Senate Banking Committee Chairman Richard Shelby (AL) jointly announced their intention to draft legislation based on the principles outlined before the House Financial Services Committee by Treasury Secretary John W. Snow and Housing and Urban Development Secretary Mel Martinez.  Both Chairmen are committed to conducting a bipartisan process in considering such legislation.

?Two Cabinet secretaries are committed to working closely with the President to achieve a world-class regulator for the housing government-sponsored enterprises,? Oxley said.  ?This is a joint effort to step up regulatory oversight that respects the critical importance of both the housing mission and the financial regulation of the markets.?

?Our housing market has been a bedrock of our economy and deserves strong and credible regulation,? said Shelby.  ?I believe an opportunity exists to produce strong, bipartisan legislation to improve the current regulatory regime.?

The consistently strong housing market has helped to buoy the economy through recent uncertainties.  Many credit the strength of the housing market and the spending made possible by the refinancing boom for easing the sluggish economy of recent years.

Source: House Financial Services Committee

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