Senator Wants New Fannie Mae Regulator - 2004-02-07
Senate Banking Chairman Richard Shelby indicated Saturday he will look to eliminate the regulator of Freddie Mac and Fannie Mae and replace it with a stronger, more independent federal watchdog for the home-loan giants.

"The agency was, in many regards, designed to fail in its mission," Shelby said. "We cannot tolerate inadequate and ineffective regulation of entities as important to the U.S. home mortgage market as Fannie Mae and Freddie Mac."
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Key US lawmaker suggests Fannie, Freddie watchdog - 2004-02-07
U.S. Senate Banking Committee Chairman Richard Shelby on Saturday declared government-sponsored mortgage finance enterprises require a completely independent government regulator to improve supervision after financial shocks last year.

Lawmakers, the Bush administration, and the enterprises themselves -- which include the nation's two biggest sources of mortgage finance, Fannie Mae and Freddie Mac -- agree on the need for a stronger new watchdog after an accounting scandal at Freddie Mac rattled investors last year.
Read the full story at Forbes