Fannie Mae, Freddie Mac Bill Criticized
President Bush opposes a U.S. House proposal that creates a new regulator for Fannie Mae and Freddie Mac because it doesn’t give the Treasury secretary enough power to oversee the two largest U.S. mortgage buyers, a Treasury official said.
The legislation would be a minimal improvement that wouldn’t toughen oversight, said Wayne Abernathy, the Treasury’s assistant secretary for financial institutions.
The administration’s concerns will delay consideration of the bill by the House Financial Services Committee, a spokeswoman for committee chairman Michael G. Oxley (R-Ohio) said.
From Bloomberg News
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