I doubt it, seems like spin. 2001 April: The Administration's FY02 budget declares that the size of Fannie Mae and Freddie Mac is "a potential problem," because "financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity." Its a defense budget, odd way to fix the economy id say. 2002 May: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02) Rather a broad reading of this at best? 2004 February: The President's FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital, and called for creation of a new, world-class regulator: "The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore…should be replaced with a new strengthened regulator." (2005 Budget Analytic Perspectives, pg. 83) Page 83 THE BUDGET FOR FISCAL YEAR 2005 83 This Budget continues steps to improve the effectiveness of management actions by NOAA's National Marine Fisheries Service. Currently, about 17 percent of major fisheries stocks are known to be over-fished, and stock levels are unknown for another 38 percent. While more than 80 percent of the over- ...
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