Accounting issues unearthed at Freddie Mac and at Fannie Mae point up the need for stronger financial oversight of the GSEs. Customers of financial institutions and financial service providers have a right to expect their safety and soundness. I fully support the need for legislation and regulation that strengthens the financial underpinnings of both (GSEs). Proposed financial reforms include increasing capital levels, establishing flexible capital requirements set by the regulator and receivership in the event of financial distress. Enforcement of these reforms is left to a new regulator, replacing both OFHEO and Federal Housing Finance Board. It's difficult to argue with these proposals. After all, it's in the nation's best interests that our housing finance markets remain strong. The 109th Congress will pass financial reform legislation, similar in substance to a bill introduced by Senator Chuck Hagel's (R-Neb.) S.190. It doesn't stop there, however.
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