I think that the location of OFHEO matters, and the proposal that he is making is certainly worthy of consideration.
Paul S. Sarbanes
The Public Record
Paul S. Sarbanes is a former U.S. Senator from Maryland, serving from 1977 to 2007. A member of the Democratic Party, Sarbanes was known for his work on financial regulation and consumer protection. He played a significant role in the passage of the Sarbanes-Oxley Act in 2002, which aimed to enhance corporate governance and accountability in the wake of major financial scandals. Throughout his career, Sarbanes focused on issues such as education, healthcare, and the environment, advocating for policies that benefited Maryland residents and the broader American public.
If I were confirmed, my primary mission would be to ensure that OFHEO gives rigorous, firm, fair, oversight to Fannie Mae and Freddie Mac.
I think that would be helpful, and I think you are entitled to go back and examine the record carefully.
I would certainly hope so. I think we should stipulate that that should be a basic requirement.
Do you believe Federal financial regulations should prohibit fraud in the OTC derivatives market?
Well, that may be, but you were amongst those that were opposed to it; is that not the case?
You are their regulator. Do you think that this is an appropriate standard that they are being held to?
As I understand your answer here today, your position now is in support of FAS 133; is that correct?