Review of the Office of Federal Housing Enterprise Oversight and Federal Housing Finance Board: joint hearing before the Subcommittee on Oversight and Investigations and the Subcommittee on Capital Markets, Insurance and Government Sponsored Entereprises [sic] of the Committee on Financial Services, U.S. House of Representatives, One Hundred Eighth Congress, second session, July 13, 2004.

The Federal Home Loan Bank System faces additional risks due to the development of new products such as direct mortgage purchase programs. Responding to concern about the methods used for admin. decisionmaking, and the ability of the Fed. Housing Finance Board (FHFB) to fulfill its critical mission to regulate the safety and soundness of the System, the GAO was asked to: (1) compare the FHFB chair's admin. authorities with those of other financial regulators and discuss the basis for that authority; (2) assess FHFB's compliance with selected statutes and regulations. in connection with an Aug. 2002 reduction-in-force carried out as part of an agency reorganization; and (3) assess FHFB's progress in enhancing its FHLBank safety and soundness exam'n. program.