Warren, Schumer, Democratic Senators Call for Transparency Regarding Reprivatization of Fannie Mae and Freddie Mac Ahead of Federal Housing Finance Oversight Board Meeting
“Transparency from your agencies is essential to understanding the Administration’s goals and to ensure you will not reprivatize the Enterprises in a way that rewards Wall Street while raising mortgage costs across the country.”
Washington, D.C. – Today, U.S. Senator Elizabeth Warren (D-Mass.), Ranking Member of the Senate Banking, Housing, and Urban Affairs Committee, Leader Chuck Schumer (D-NY), Senator Ron Wyden (D-OR), Ranking Member of the Senate Finance Committee, and Senators Raphael Warnock (D-GA), Andy Kim (D-NJ), and Mazie Hirono (D-HI) called on the Trump Administration’s Federal Housing Finance Oversight Board to release key details to the public about its meeting tomorrow – the Board’s first since 2017. Following Trump Administration communications about potential reprivatization of Fannie Mae and Freddie Mac (collectively, “the Enterprises”), the Senators wrote to Federal Housing Finance Agency (FHFA) Director Bill Pulte, Secretary of Housing and Urban Development Scott Turner, Securities and Exchange Commission (SEC) Chairman Paul Atkins, and Secretary of the Treasury Scott Bessent requesting information about administration planning and asking them to follow the precedent set by the Financial Stability Oversight Council by releasing the meeting’s agenda, minutes, and list of participants.
“In recent weeks, President Trump has called to reprivatize the Enterprises by ‘TAKING THESE AMAZING COMPANIES PUBLIC.’ Director Pulte has signaled that President Trump would ‘eventually make whatever decision that he wants to make, on his own timeline.’ During his confirmation process, Secretary Turner also voiced support for reprivatization and stated that he would serve as the ‘quarterback’ in the process. Meanwhile, Secretary Bessent has signaled that ‘the government’s stakes could eventually become part of the proposed U.S. sovereign wealth fund,’” wrote the Senators.
The Senators continued: “Given the significant implications of potential reprivatization of the Enterprises, the public would benefit from your agencies proactively releasing information about the June 17th meeting, including a pre-meeting agenda and meeting minutes that include attendees. Doing so would demonstrate your commitment to promoting Board transparency and accountability, especially given that the Board has not met since 2017 and from which information had to be requested under the Freedom of Information Act.”
The Senators called on the Board to make the agenda public in advance of the meeting, provide a same-day readout of what was discussed in the meeting and who was in attendance, as well as a request for information regarding any efforts to reprivatize or otherwise alter the status of the Enterprises.
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