House Subcommittees to Conduct Oversight on FHFB and GSEs Regulators

July 12, 2004

The House Financial Services Subcommittees on Oversight and Investigations and Capital Markets, Insurance, and Government Sponsored Enterprises, chaired by Rep. Sue Kelly (NY) and Rep. Richard H. Baker (LA) respectively, will conduct an oversight hearing on the Office of Federal Housing Enterprise Oversight (OFHEO) and the Federal Housing Finance Board (FHFB).

The hearing, scheduled for 2 p.m. on July 13 in room 2128 of the Rayburn Building, will feature the testimony of Armando Falcon, Director of OFHEO and Alicia Castaneda, Chairman of the FHFB. Director Falcon was confirmed on September 29, 1999 and Chairman Castaneda was designated on April 14, 2004.

Members are expected to hear testimony about what OFHEO and the FHFB are doing to improve regulation of the housing Government Sponsored Enterprises, Fannie Mae and Freddie Mac, and the Federal Home Loan Banks.

Fannie Mae, the Federal Home Loan Bank System, and Freddie Mac rank as the second, third, and fifth largest financial institutions in the United States respectively, and they play a central role in providing liquidity to the secondary mortgage market.

Their size and influence on the national economy require that they be supervised by regulators that have ample resources, authority, financing, and staff to adequately monitor the activities of these large and complex institutions.

Scheduled to testify:

  • Armando Falcon, Director, Office of Federal Housing Enterprise Oversight
  • Alicia Castaneda, Chairman, Federal Housing Finance Board

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