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January 17, 2017
Treasury pick Mnuchin testifies Thursday
Steven Mnuchin, President-elect Donald Trump's choice to be the next Treasury secretary, is slated to testify Thursday before the Senate Finance Committee. NAFCU will closely monitor hearing proceedings.
Mnuchin, a former Goldman Sachs executive, was reported telling Fox Business in late November that he plans to take Fannie Mae and Freddie Mac out of government conservatorship and to restructure and privatize them.
House Financial Services Committee Chairman Jeb Hensarling, R-Texas, has his own plans to wind down the government-sponsored enterprises within five years.
Freddie Mac and Fannie Mae reported net incomes of $2.3 billion and $3.2 billion, respectively, in the third quarter of 2016.
The GSEs have been under the FHFA's conservatorship since 2008. NAFCU continues to advocate for housing reform that guarantees access for credit unions to the secondary mortgage market, and fair prices based on loan quality rather than volume.
Mnuchin, a former Goldman Sachs executive, was reported telling Fox Business in late November that he plans to take Fannie Mae and Freddie Mac out of government conservatorship and to restructure and privatize them.
House Financial Services Committee Chairman Jeb Hensarling, R-Texas, has his own plans to wind down the government-sponsored enterprises within five years.
Freddie Mac and Fannie Mae reported net incomes of $2.3 billion and $3.2 billion, respectively, in the third quarter of 2016.
The GSEs have been under the FHFA's conservatorship since 2008. NAFCU continues to advocate for housing reform that guarantees access for credit unions to the secondary mortgage market, and fair prices based on loan quality rather than volume.
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