madam chairman , i yield myself such time as i may consume . 
madam chairman , simply stated , the amendment would ensure a continued independent public voice in the corporate governance of fannie mae , freddie mac , and the federal home loan banks . 
the amendment also has had bipartisan support in the committee on financial services . 
it additionally now has the support of the national association of homebuilders and the national association of realtors . 
the bill before us would make a dramatic change in the board structures of the three government-sponsored enterprises , and this issue deserves a public debate . 
the charters of fannie mae and freddie mac presently require that the boards of both enterprises shall at all times have five members appointed by the president . 
additionally , in order to represent the public interest and provide an independent voice , the charters of the federal home loan banks require at least six individuals to be appointed by the regulator to serve on each bank board . 
unfortunately , the bill before us today would eliminate the requirement for presidential appointees on the boards of fannie mae and freddie mac . 
it would also abolish regulatory appointees on the boards of the federal home loan banks . 
in my view , requiring presidential and regulatory appointees to serve on the board of fannie mae and freddie mac and the federal home loan banks is entirely appropriate , given the unique nature of their charters and their important public missions . 
government-sponsored enterprises by their very nature are public-private entities , and they need to have a public voice at the highest levels of governance . 
the presidential and regulatory appointments , therefore , signal that each entity is not only accountable to its shareholders , but also to broader national public policy interests . 
additionally , the presidential and regulatory appointment system gives citizens a needed voice in ensuring the viability of our nation 's housing finance system and that the benefits of this system are widely distributed . 
maintaining public representation on the gse boards is therefore critical to ensuring continued public trust in these very important financial institutions . 
this amendment would accordingly restore the presidential and regulatory board appointment systems for gses while still preserving important changes made by the bill . 
these changes include providing flexibility in the size of corporate boards at fannie mae and freddie mac and lengthening the terms of service at the federal home loan banks . 
the amendment would also make three other minor modifications to the bill related to the boards of the federal home loan banks . 
they include raising the number of independent directors , adding community and economic development expertise and allowing appointed independent directors to continue to serve until a successor is in place . 
this commonsense amendment to retain an independent public voice on the gse boards received bipartisan support during the markup of this bill . 
it also has the backing of those who know our housing markets best , like the national association of home builders and the national association of realtors . 
in a recent letter to me about this amendment , the home builders note that `` a diverse governing board of directors that is well balanced in knowledge and expertise in the full range of & lt ; center & gt ; & lt ; pre & gt ; [ page : h9190 ] & lt ; /pre & gt ; & lt ; /center & gt ; they also believe that the amendment `` will help ensure that the gse 's board of directors are best equipped to make informed , sound judgments in fulfilling their duties , including monitoring risk management activities of the gses ' executives. '' in sum , this amendment is one that deserves the support of everyone who wants to preserve a public voice within the public-private entities and promote good corporate governance . 
it has the support of the home builders and the realtors . 
may i say , at the full committee the amendment was offered and had a 35-35 vote at full committee . 
on the basis of knowing the importance to corporate governance of this body , i urge my colleagues to adopt this amendment . 
