WASHINGTON – Rep. Richard Baker (R-La.), chairman of the Capital Markets, Insurance and Government Sponsored Enterprises House Subcommittee plans to introduce a bill that would tighten the regulation of Fannie Mae and Freddie Mac. Baker has been a long time critic of the regulatory structure of the two government sponsored enterprise (GSE) companies. His bill would abolish the Office of Federal Housing Enterprise Oversight, the agency that is currently charged with overseeing Fannie Mae and Freddie Mac. In its place, the bill would create a new government regulator for the corporations. The OFHEO has been under fire for the past two weeks following Freddie Mac's management shakeup and announcement of its accounting problems. Baker also plans to hold a hearing on June 25 to review the need to reform the regulatory structure of the GSEs. According to the House Committee on Financial Services, four witnesses are scheduled to testify at the hearing: Sean Egan, managing director, Egan-Jones Rating Co.; Thomas Schatz, president, Citizens Against Government Waste; Jay Cochran, research fellow, The Mercatus Center, George Mason University; and Karen Shaw Petrou, co-founder and managing partner, Federal Financial Analytics.