Bill Bennett: “I rise today to add an amendment to H.R. 3666 which will emphasize my concern about the multiyear delay of a scheduled…”

“I rise today to add an amendment to H.R. 3666 which will emphasize my concern about the multiyear delay of a scheduled GAO audit of the OFHEO, Office of Federal Housing Enterprise Oversight. OFHEO is required by statute to create an effective review process to, in effect, ensure the fiscal safety and soundness of Freddie Mac and Fannie Mae. Quite frankly, it concerned me when I was informed that OFHEO was, in turn, several years behind schedule in producing a model to oversee these two important housing enterprises. I continue to be concerned that mission creep may take hold of this regulator. Trips abroad to consult with other countries on how to regulate their housing enterprises should be curtailed until our own regulator is up and running. Therefore, it is my intent to refocus the GAO report to make sure OFHEO is still on track, and that it continues to focus all of its efforts on completing its very important mission. It is my intent to make sure that before OFHEO grows any larger, it is on track with a clear vision of its goals and responsibilities.”