Oxley Seeks Early Passage of GSE Bill

House Financial Services Committee Chairman Michael Oxley, R-Ohio, wants Congress to pass a GSE bill that strengthens regulation of Fannie Mae, Freddie Mac, and the Federal Home Loan Banks this year -- and he says he'd like it to be early this year."The markets need some certainty" about the structure of the new regulator for the three government-sponsored enterprises, the capital requirements, and the receivership provisions, Rep. Oxley said. Congress will pass a GSE bill "earlier rather than later," he told the Exchequer Club. "It is time for GSE reform. It is going to happen." Rep. Oxley noted that he has had discussions with Senate Banking Committee Chairman Richard Shelby, R-Ala., Rep. Richard Baker, R-La., and Treasury Secretary John Snow on GSE issues. "I have been in touch with Secretary Snow," he said. "I think he shares the same goals that we do." After his luncheon speech, Rep. Oxley told reporters that Secretary Snow had yet to convey the Bush administration's position on GSE reform legislation. "John is going to get back with me," the committee chairman said. "But he wants to get something done, and we will work well with him."