The Bush administration is expected to present its position on GSE regulatory reform at a Senate Banking Committee hearing scheduled for early April.Treasury Secretary John Snow and Housing Secretary Alphonso Jackson are slated to testify on April 7 and present their views on what is needed to strengthen regulation of Fannie Mae, Freddie Mac, and Federal Home Loan Banks. Last year, administration demands that the new GSE regulator have receivership powers so it could shut down a financially troubled government-sponsored enterprise killed congressional efforts to pass a GSE bill. While it is generally accepted that receivership powers should be included in a GSE bill this year, congressional leaders are anxious to hear whether the administration will support proposals to control the growth of Fannie's and Freddie's mortgage portfolios, which have combined assets of $1.5 trillion. Federal Reserve Board Alan Greenspan, who is a strong advocate for sharply cutting the size of the GSE portfolios, is scheduled to testify April 6 before the Senate Banking Committee.

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