Oxley 'Confident' GSE Reform Will Pass

House Financial Services Committee Chairman Michael Oxley, R-Ohio, says he is confident that Congress will pass a GSE regulatory reform bill this year to create a "world-class regulator" to oversee Fannie Mae and Freddie Mac."I am very confident that sometime before the Congress adjourns for the year, the president will be signing the historic and landmark legislation," Rep. Oxley said during a speech to the Exchequer Club in Washington. The House has already passed a bill to strengthen regulation of the two government-sponsored enterprises. He said he expects Senate Banking Committee Chairman Richard Shelby, R-Ala., to bring a GSE bill to the floor of the Senate for a vote this summer. "I am very confident he is going to get that job done and get us to conference," Rep. Oxley said. Chairman Oxley also said the House is scheduled to vote next week on a flood insurance bill that would increase insurance premiums for second homes and commercial properties.