Hearing of U.S. Senate Committee on Banking, Housing, and Urban Affairs, "Reform of the Government-Sponsored Enterprises"

Hearing of U.S. Senate Committee on Banking, Housing, and Urban Affairs, "Reform of the Government-Sponsored Enterprises"

Thank you Mr. Chairman.

Here in America, we enjoy the strongest and most vibrant housing market in the world. It is one of the most important sectors driving our economy and promoting the financial well-being of America's homeowners. It is my hope that these debates produce meaningful reform that will allow our unique mortgage market to continue to play this vital role.

For most Americans, buying a home is one of the largest financial transactions made during an individual's lifetime. More than that, it is also one of the most important steps someone can take to help provide security for their future and the future of their family.

I think that this is a point that is often overlooked during the debate on retirement and social security. Often, it is the home, paid for by a lifetime of hard work, that creates solid retirement security for a retiree. This makes the job of Freddie, Fannie and the Federal Home Loan Banks so important.

In Wyoming, these GSEs have helped our rural towns pull together the necessary resources to build strong communities. Nearly 50 of our small community banks rely on market liquidity and access to the secondary mortgage market to help families achieve the American Dream. However, there are still improvements to be made in our rural states, and I want to ensure that regulatory reform will help in this area.

It is also important to realize that these enterprises engage in very complex financial transactions. We need to create a regulator with the strength and tools necessary to oversee these financial transactions.

I look forward to continuing this series of hearings and listening to the testimony of our distinguished witnesses today. Thank you, Chairman Shelby.

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