ACB: Press Releases

Contact:	Robert Schmermund (202) 857-3104 Jim Eberle (202) 857-3145	Jim Eberle (202) 857-3145 (work) (703) 893-2593 (home) [email protected]	For Immediate Release September 15, 2003 #03-42
E-mail: [email protected]

ACB FORMS GSE REGULATORY REFORM TASK FORCE

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America's Community Bankers announced today that it has formed the GSE Regulatory Reform Task Force to review existing policy on the regulatory structure for the Federal Home Loan Bank System, Fannie Mae and Freddie Mac. This task force will continue the work of various ACB committees and members that has occurred in recent months.

Following is a statement by ACB President and CEO Diane Casey-Landry:

“Today, at the first meeting of the task force, a group of 30 ACB members met by conference call and began to formally review the association’s long-standing policy that supports maintaining a separate, independent regulator for the Federal Home Loan Bank System.

“Fast moving proposals by the Bush Administration and a number of members of Congress to move the regulation of Freddie Mac and Fannie Mae to the Treasury Department have suggested including the FHLB System. However, currently there is no consensus on changing the regulation of the System.

“Members of ACB’s reform task force acknowledged that there are both advantages and disadvantages to any course of action. They agreed that a strong, respected regulator is critical for the System, and it is vital that FHLBank stockholders have a seat at the negotiating table as Congress and the administration make key decisions on any new regulatory structure.”

America’s Community Bankers is the national trade association committed to shaping the future of banking by being the innovative industry leader strengthening the competitive position of community banks. To learn more about ACB, visit www.AmericasCommunityBankers.com.

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