Thank you, Mr. Chairman.

Thank you, Mr. Chairman, and welcome, Ms. McFerran.

One way that regulatory opponents often track FDA oversight is by looking at the number of warning letters that the agency sends out.

Actually, my staff checked with the FDA this week, and it turns out that almost none of those letters went to drug manufacturers.

I understand that individual enforcement actions may temporarily affect the price or availability of a particular drug, but data demonstrating decreasing enforcement over manufacturers does not justify a price spike of 40 percent.

let's be clear, India is producing 40 percent of our generic drugs, and the FDA's supposedly burdensome oversight team in that entire country consists of 10 full-time employees.

This looks like a program to me that you do not need to spend another year on. It is a program that needs to be severely cut back.

How many more people have to lose their homes before we get there?

But they are not principal reductions, so let us just be----

It has been 6 years since Congress created FHFA, and in all that time, your agency has never, not once, permitted a family to reduce its principal mortgage through Fannie or Freddie.

You have not helped a single family, not even one, by agreeing to a principal reduction.