Original publisher: Washington : U.S. G.P.O. : For sale by the Supt. of Docs., U.S. G.P.O., [Congressional Sales Office], 2002. OCLC Number: (OCoLC)51287499 Subject: Government-sponsored enterprises — United States — Finance. Excerpt: … 9 OFHEO considers this information confidential for a variety of legal reasons. But superior to all those considerations is concern about releasing misleading information about the enterprises finan-cial condition that could disrupt the markets. We have developed a strong, rigorous risk-based capital stand-ard. Now, the enterprises have one year to adapt and be in compli-ance before we enforce it. Congress wanted us to set up a new capital standard, not a trap. That is why it would be inappropriate to release results before the rule, as amended, was in place. I will now turn to corporate disclosure. OFHEO safety and soundness responsibility includes an obligation to ensure that the enterprise financial disclosures are adequate. Our agency began the comprehensive review of enterprise disclosure in April of 2002. In May, OMB requested that OFHEO specifically consider a rule that would ensure enterprise financial disclosures were comparable to those of other publicly held companies. In June, I responded to OMB’s letter. I agreed that voluntary compliance was inadequate and that given the enterprises exemp-tions from the securities laws, OFHEO needed to promulgate en-forceable rules in this area. I am pleased that OFHEO’s objective will now be accomplished in a most efficient manner. The enterprises voluntarily agreed to subject themselves to mandatory regulation by the SEC under the Securities and Exchange Act of 1934. I would like to highlight several key points about the agreement. The enterprises will become registered companies bound by the 1934 act. Absent the agreement, OFHEO would have adopted its own disclosure regime, based on the securities laws. Second, and most significant, the disclosures will be reviewed by the S…
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