The Bush administration thinks there may still be enough time this year to pass legislation to strengthen the regulatory oversight of Fannie Mae and Freddie Mac.Speaking at a Heritage Foundation luncheon Oct. 22, Treasury Assistant Secretary for Financial Institutions Wayne Abernathy said passage of a bill is still "possible" because it involves an issue "that has the attention of all the right people." The Treasury Department, said Mr. Abernathy, is holding out for a strong, independent bank-like regulator for Fannie and Freddie because it fears that anything short of that goal will result in the regulator being "captured" by the entities it regulates. Talking to reporters at a luncheon whose attendees included not just Heritage Foundation officials but White House staffer Reginald Brown, Mr. Abernathy said he "cannot think of another institution in the U.S. that has the same lobbying clout" as Fannie and Freddie, adding that the two government-sponsored enterprises have greater influence inside Washington than both General Motors and Microsoft. He said one of the key issues is whether an independent regulator can "ward off capture."
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According to the Federal Reserve Board's latest financial stability report, persistent inflation and policy uncertainty are the primary worries for banks. Survey respondents expressed heightened anxiety over murky policy outlooks due to geopolitical turmoil and rapidly approaching domestic elections.
6h ago -
Leaders of ORNL Federal Credit Union are piloting Zest AI's new artificial intelligence-powered assistant to ensure equitable underwriting practices and measure performance against similar institutions.
8h ago -
McCargo stabilized the agency at a crucial time as she helped navigate it through both a pandemic and subsequent dramatic interest-rate cycle change.
8h ago -
The quasi-public entity's plan to buy certain closed-end seconds would constitute "unnecessary government encroachment," the Structured Finance Association said.
10h ago -
The mortgage subsidiary of Hilltop Holdings posted another quarterly loss and volume slipped, but management also sees signs of optimism.
11h ago -
The increasing frequency and severity of droughts was top of mind for panelists at AmeriCatalyst's "Going to Extremes" conference Thursday.
April 18