May 23, 2006 Under Secretary Randal K. Quarles Statement On Treasury Reaction to OFHEO Report Treasury Under Secretary for Domestic Finance Randal K. Quarles issued the following statement today on the Treasury Department's reaction to the Office of Federal Housing Enterprise Oversight report on Fannie Mae.
"OFHEO's findings are a clear warning about the very real risk the improperly managed investment portfolios of the GSEs pose to the greater financial system. The report demonstrates that a legislative mandate limiting these portfolios, as proposed in legislation pending before the Senate, is crucial to reducing systemic risk and refocusing the GSEs on their fundamental mission. Treasury remains committed to working with Congress to pass reform that establishes a GSE regulator of the highest standards with both the authority and the mandate to address these critical issues."
-30-
|
||