House Financial Services Committee Chairman Michael Oxley, R-Ohio, is urging the new Treasury secretary to make a last-ditch effort to secure a compromise that will speed passage of GSE regulatory reform in the Senate.In a letter to Secretary Henry Paulson, the committee chairman stresses that time is quickly running out for legislative action this year and that there has been no news of progress on the Senate side. "I would urge you to continue to seek a strong compromise and Senate action," Rep. Oxley says in the Aug. 30 letter. The House passed a bill to create a new regulatory agency to oversee Fannie Mae, Freddie Mac, and the Federal Home Loan Banks last fall. "It is the strongest reform legislation that will ever pass the House, absent a conference report," Rep. Oxley said, signaling that he is willing to consider changes passed by the Senate. Congress returns Sept. 5 for a short legislative session before the lawmakers adjourn for the mid-term elections.

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