Fannie Mae Should Have Full Disclosure

Today, Dow Jones Newswires reported that Fannie Mae will close its philanthropic foundation and publicly disclose its corporate charitable contributions under the new Office of Community and Charitable Giving.  This is the type of disclosure I have been seeking from all public companies for several years.  Last year portions of my bill, the Corporate Charitable Disclosure Act (H.R. 543), were included in a larger bill to reform the regulation of Fannie Mae and Freddie Mac (H.R.1461).  Given Fannie Mae and Freddie Mac’s special government-sponsored status, it should be the right of their shareholders and the American public to know how profits are being spent.  If charitable contributions are legitimate, public companies should have nothing to hide.  That is why I intend to re-introduce my Corporate Charitable Disclosure Act next week.