March 29, 2007
HP-333

Steel Statement on House Committee Passage of GSE Reform Bill

Washington- Treasury Under Secretary for Domestic Finance Robert K. Steel issued the followed statement today following the passage of H.R. 1427 to reform the regulatory oversight of the housing government sponsored enterprises.

"The swift action of the House Financial Services Committee this year has demonstrated that reforming the oversight of the government sponsored enterprises is a priority. The legislation passed today creates a strengthened GSE regulator with the necessary tools to ensure that the GSEs operate in a safe and sound manner and support their housing mission.

"We commend Chairman Frank for leading the Committee toward a well-crafted, bipartisan bill. This bill is the result of considerable cooperation and the sum of its parts is a sound step toward reform. We look forward to continuing to work in a constructive manner as the bill moves forward."