Federal News Service
HEADLINE: HEARING OF THE SENATE BANKING, HOUSING, AND URBAN AFFAIRS COMMITTEE
SUBJECT: PROPOSALS FOR IMPROVING THE REGULATION OF THE HOUSING GOVERNMENT SPONSORED ENTERPRISES
CHAIRED BY: SENATOR RICHARD SHELBY (R-AL)
WITNESSES PANEL I:
JOHN W. SNOW, SECRETARY, DEPARTMENT OF THE TREASURY;
MEL MARTINEZ, SECRETARY, UNITED STATES DEPARTMENT OF HOUSING AND DEVELOPMENT;
FRANKLIN D. RAINES, CHAIRMAN AND CEO, FANNIE MAE;
GEORGE D. GOULD, DIRECTOR, FREDDIE MAC;
NORMAN B. RICE, PRESIDENT AND CEO, FEDERAL HOME LOAN BANK OF SEATTLE
LOCATION: 538 DIRKSEN SENATE OFFICE BUILDING, WASHINGTON, D.C.
SEN. DEBBIE STABENOW (D-MI): Thank you, Mr. Chairman. I would ask that my statement be included in the record.
SEN. SHELBY: Your statement will be made part of the record.
SEN. STABENOW: Thank you. I would just like to offer a slightly different view than my colleague who just spoke in that, first of all, I think the secondary mortgage market is essential to our housing sector and that, in fact, there has been a great success and welcome the opportunity to in the future submit for the record evidence as to why these very important GSEs have been so significant in terms of providing housing opportunities to people.
We know that there's a growing interest in strengthening our housing finance regulators. I share that, that we need a highly respected independent regulator for Fannie Mae and Freddie Mac and that the Federal Home Loan Bank of course needs to be soundly regulated, but I appreciate the chairman's comments at hearings in the past in terms of moving forward in a thoughtful manner as the chairman and the ranking member have done on other issues, and I'm hopeful that we will move forward in a thoughtful manner and address what are legitimate concerns without, as they say, throwing the baby out with the bathwater, because I believe that we have had many great successes for the American people through the systems that have been in place in providing housing which is so critical to all of us.
And I welcome the secretaries to be with us today as well. Look forward to your testimony.