WASHINGTON- While lawmakers on both sides of the aisle agreed Tuesday that Fannie Mae and Freddie Mac are “too big to fail,” they debated whether the two government-sponsored enterprises should be formally labeled as systemically important financial institutions.
The witnesses each answered the question, “are Fannie Mae and Freddie Mac systematically important?” According to Pollock, they are. However, he notes that Financial Stability Oversight Council (FSOC) should designate Fannie and Freddie as SIFIs. “That would be consistent with the clear provisions of the Dodd-Frank Act,” Pollock stated.
Should Fannie, Freddie be Labeled ‘Systemically Important’?. Regulators want Fannie Mae and Freddie Mac to build up massive amounts of capital before being.Read more. CFPB Opens Door to Rewrite of 2009 Overdraft Rule. FHFA’s Calabria has indicated there’s a role for FSOC to determine whether the GSEs should be considered systemically important, potentially opening up a new layer of debate.
During a Senate banking committee hearing, Mnuchin said reform of Fannie Mae and Freddie Mac is. precede a taxpayer backstop should be subject to the kinds of capital and liquidity requirements.
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· Without including Fannie and Freddie, these efforts are woefully incomplete.” While Holtz-Eakin and Pollock suggest a SIFI designation, Wachter suggests be designated as Systemically Important Financial Market Utilities (SIFMUs).
“If Fannie and Freddie are not SIFIs, then nobody in the world is a SIFI, and if any institution is a SIFI, then so are Fannie and Freddie,” said Pollock in his prepared testimony. “Addressing their systemic risk through designation as a SIFI would logically match their systemically important role and riskiness.”
WASHINGTON – While lawmakers on both sides of the aisle agreed Tuesday that Fannie Mae and Freddie Mac are "too big to fail," they debated whether the two government-sponsored enterprises should be formally labeled as systemically important financial institutions.
There’s been chatter about whether the government-sponsored enterprises should be considered systemically important. But supporters must consider that such a designation would put the Fed in charge of their supervision, a step that would do more harm than good.
WASHINGTON- While lawmakers on both sides of a aisle concluded Tuesday that Fannie Mae and Freddie Mac are "too vast to fail," they debated either a twin government-sponsored enterprises should be rigourously labeled as systemically vicious financial institutions.
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