Chuck Hagel: “the significance of Fannie Mae and Freddie Mac to our economy cannot be overstated. Together they guarantee almost 46…”

“the significance of Fannie Mae and Freddie Mac to our economy cannot be overstated. Together they guarantee almost 46 percent of all mortgage loans in the United States. They also back over $3.9 trillion in mortgage-backed securities and have amassed over $1.7 trillion in outstanding debt. This amendment would require Fannie and Freddie to register their debt in securities with the Securities and Exchange Commission, like any other company. Both are currently exempt from having to do so and, because of this, both are exempt from the accounting requirements of Sarbanes-Oxley. The Senate Banking Committee, under the leadership of Chairman Shelby, passed a comprehensive, strong, GSE regulatory reform bill earlier this year. We need to take this bill up in this Congress. Amendment No. 2391, Withdrawn I ask unanimous consent that Senator Sununu be allowed to speak for 1 minute, after which I ask that amendment No. 2391 be withdrawn. The PRESIDING OFFICER. Without objection, it is so ordered. The Senator from New Hampshire.”