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House Reviews OFHEO's Fannie Mae Report; OFHEO Director Senate Confirmation Hearing In separate venues, the Office of Federal Housing Enterprise Oversight received attention in Congress. On June 6, 2006, Acting OFHEO Director John B. Lockhart was the sole witness at the House Financial Services Capital Markets Subcommittee regarding the agency's special examination of Fannie Mae's accounting scandal. The OFHEO report recommendations and the broad ranging consent agreement between Fannie Mae and the agency, in cooperation with the Securities and Exchange Commission, could be viewed as vindication for subcommittee chairman Rep. Richard Baker (R-LA), who persevered in arguing for tighter oversight of Fannie Mae and Freddie Mac. Despite questions from Rep. Baker and Rep. Mike Oxley(R-OH), however, Lockhart did not give a preference to the House-passed reform bill, H.R. 1461, over the Senate Banking Committee-passed reform bill. H.R. 1461 overwhelmingly passed the House earlier this year. The gives the new housing government-sponsored enterprises (GSEs) regulator authority to oversee GSE portfolio growth and size. Unlike the House bill, the Senate Committee bill, supported by the Bush administration, would provide statutory authority to limit GSE portfolio growth. On June 8, Acting Director Lockhart responded to questions from Senators during his confirmation hearing before the Senate Banking Committee. Again, Lockhart did not give a preference to the House or Senate regulatory reform bill. He did confirm, however, that Congress should give more guidance to a new regulator on where to set portfolio limits for GSEs. The full Senate's confirmation vote has not been scheduled. CONTACTS: Lynn King 202-383-1156, Jeff Lischer 202-383-1117  GSEs Latest News
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