Political Quotes

“simply stated, my amendment would ensure a continued independent public voice in the corporate governance of Fannie Mae and Freddie Mac. This amendment also has the support of the National Association of Home Builders and the National Association of Realtors. The bill before us would make a dramatic change in the board structures of the two government-sponsored enterprises, and this issue deserves a public debate. The charters of Fannie Mae and Freddie Mac presently require that the boards of both enterprises shall, at all times, have five members appointed by the President. Unfortunately, the bill before us today would eliminate the requirement for presidential appointees on the boards of Fannie Mae and Freddie Mac. In my view, requiring presidential appointees to serve on the boards of Fannie Mae and Freddie Mac is entirely appropriate, given the unique nature of their charters and their important public missions. Government-sponsored enterprises, by their very nature, are public, private entities, and they need to have a public voice at the highest levels of governance. The Presidential appointments, therefore, signal that each entity is not only accountable to its shareholders, but also to a broader national public policy interest. Additionally, the presidential appointment system gives citizens a needed voice in ensuring the viability of our Nation's housing finance system, and that the benefits of this system are widely distributed.”