Should Fannie, Freddie be labeled ‘systemically important’?
Hearing on "Should Fannie Mae and Freddie Mac be Designated as Systemically Important Financial Institutions?" June 25, 2019. Fannie and Freddie Are Obviously SIFIs. Mr. Chairman, Ranking Member Brown, and Members of the Committee, thank you for the opportunity to be here today.
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The Senate Committee on Banking, Housing, and Urban Affairs held a hearing on Tuesday titled "Should Fannie Mae and Freddie Mac be Designated as Systemically Important Financial Institutions.
Chairman Crapo, Ranking Member Brown, and members of the Committee, thank you for the privilege of appearing today to share my views on whether Fannie Mae and Freddie Mac (the housing Government Sponsored Enterprises, or GSEs) should be designated as systemically important financial institutions (sifis).
He said that under Dodd-Frank Title I Section 120 authority, the Financial Stability oversight council (fsoc) can and should designate Fannie Mae and Freddie Mac as systemically important financial institutions (SIFIs) in order for the Federal Reserve (Fed) to have oversight over them and to enhance their prudential standards. crapo said if.
There’s been chatter about whether the government-sponsored enterprises should be considered systemically important. But supporters must consider that such a designation would put the Fed in charge of their supervision, a step that would do more harm than good.
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At 10 a.m., the Senate Banking Committee will hold a hearing titled, "Should Fannie Mae and Freddie Mac Be Designated as Systemically Important Financial Institutions?"
Federal National Mortgage Association (FNMFO) The money is being set aside for the Recapitalization of Fannie Mae and Freddie Mac, according to 12 CFR 1237.12. If the Government is using the proceeds for Government spending it’s not our fault. They will have to issue more Public Debt or transfer the money from other Government’s accounts,
Fannie Mae and Freddie Mac have been in government conservatorship since 2008 after a government bailout of $187.5 billion rescued them from the 2007 subprime mortgage finance crisis.
"Fannie and Freddie are clearly too big to fail. We all know it, and the 2008 bailout proved it," said Senate Banking Committee Chairman Mike Crapo, R-Idaho, at a hearing to examine whether the GSEs should be labeled systemically important.