mr. chairman , i thank the gentleman for yielding me time , and i thank him for his amendment . 
first , i want to thank the gentleman from ohio ( mr. oxley ) xz4003070 and the gentleman from louisiana ( mr. baker ) xz4000120 for bringing us to this position in the first place . 
clearly , there have been huge accounting irregularities at our gses . 
clearly , something needs to be done ; and with these accounting irregularities , we also know that we have very significant systemic risks to our economy that are involved with the gses ' portfolio holdings . 
chairman greenspan has testified before our committee on numerous occasions about this . 
it is time that we do something . 
this is as straightforward an amendment as it can be . 
it simply adds a sentence to this legislation allowing the new regulator the authority to step in , where necessary , to reduce the size of fannie and freddie 's portfolios , something that we know has nothing to do with their mission of creating liquidity in the secondary-mortgage market . 
again , as chairman greenspan said before , `` without the needed restrictions on the size of the gse balance sheets , we put at risk our abilities to preserve safe and sound financial markets in the united states , a key ingredient of support for housing. '' i urge a `` yes '' vote on the amendment . 
