As Congress considers proposals to reform housing finance, expect to see a number of proposals to scale back the GSE’s market share. the crisis,” said the Federal Reserve’s Powell. “We can all.
That bid for a broader audience is the latest step in an evolution: Fed leaders have been striving toward greater transparency for years, and now Powell is pushing. the economic gains of tax reform.
"Now is the time for bipartisan action. Believe it or not, we have already. after reports of comments by acting federal housing agency director joseph otting suggesting that the administration was.
In a section of the 132-page document entitled “Reform Federal Role. explained it is not likely that Congress will even look at the proposal until 2019. In fact, even Department of the Treasury.
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‘If not now, when?’ Fed’s Powell on GSE reform Federal Reserve Board Gov. Jerome Powell stopped short of endorsing any single housing finance reform plan, but called on lawmakers to resolve what he described as the biggest unfinished business of the crisis.
The Federal Reserve is not charged with designing or evaluating proposals for housing finance reform. But we are responsible for regulating and supervising banking institutions to ensure their safety and soundness, and more broadly for the stability of the financial system.
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Laying out principles for a GSE reform plan, Powell said the mortgage giants should not be "too big to fail," and called for steps to ensure that they could be resolved safely. This can be done in a number of ways, he said, including by encouraging private capital to absorb losses, but he added that there should also be an explicit – rather than implicit – government guarantee of the securities that GSEs bundle.
GSE reform in 2018? Mortgage finance positions of power in Washington are up for grabs: The Federal Reserve, the Federal Housing Administration, the Federal Housing Finance Agency, the House Financial Services Committee and, most recently, the Consumer Financial Protection Bureau are all about to have new leaders.