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 July 28, 2005 #05-50
E-mail: [email protected]

ACB STATEMENT ON THE GSE BILL REPORTED BY THE SENATE BANKING COMMITTEE

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Statement by Diane Casey-Landry, president and CEO, America’s Community Bankers, on the GSE bill reported by the Senate Banking Committee today:

America’s Community Bankers strongly supports the bill favorably reported by the Senate Banking Committee that makes fundamental reforms in the regulation of Fannie Mae, Freddie Mac and the Federal Home Loan Banks. The bill significantly addresses the need to improve the safe and sound operation of the housing government sponsored enterprises.

The committee made the right decision in not raising the conforming loan limits for Fannie and Freddie and in not requiring that Fannie Mae, Freddie Mac or the FHLBanks register their debt securities with the Securities and Exchange Commission under the Securities Act of 1933.

The bill also contains effective procedures for focusing Fannie Mae and Freddie Mac on their secondary market activities and approving new products and programs consistent with their mission.

As the legislative process proceeds, ACB will work to modify the bill’s limits on portfolio assets, giving the authority to the regulator.

We urge Senate Majority Leader Bill Frist (R-Tenn.) to bring this critical legislation to the Senate floor so that we can move forward with GSE reform in this Congress.

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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