House Bill Would Subject Fannie, Freddie to FOIA

HousingWire writes that a bill introduced by House Oversight and Government Reform Committee Chairman Jason Chaffetz (R-UT) would subject Fannie Mae and Freddie Mac to requirements of the Freedom of Information Act (FOIA) while in conservatorship. The Congressional Budget Office (CBO) estimated that the bill would cost approximately $310 million to Fannie and Freddie over the next 10 years, costs which would effectively be borne by taxpayers as long as the conservatorship remains in place. In its reports, CBO suggests the new costs could be offset by reducing other expenses at the GSEs by $20 million per year, and increasing guaranty fees by $10 million per year.

In March, SFIG staff had the opportunity to speak with House Oversight staff about concerns with the bill, including questions about the scope of what would become publicly available material, the timeframe for which such information would be made available, and how proprietary and non-public information of private entities doing business with the GSEs would be protected.

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