White House Seeks New Disclosure Rules

The White House called for new rules requiring mortgage finance giants Fannie Mae and Freddie Mac to disclose more financial information to the public.

The White House’s Office of Management and Budget asked the Office of Federal Housing Enterprise Oversight to draft the rules, which the administration said should require Fannie Mae and Freddie Mac to publicly disclose information required of publicly traded companies by the Securities and Exchange Commission.

“Even though they are not subject to direct SEC oversight, as publicly traded companies Fannie Mae and Freddie Mac should be subject to no lesser standard than applies to other companies,” said John Graham, regulatory affairs administrator at the OMB.