Fannie Mae-No Politics (FNMA)

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Jacob Lew, current Secretary of the Treasury. This is the guy who sets the tone for ethical business conduct in America. Handpicked by the president, he sets the course for banks, non-banking financial institutions, Wall Street, the IRS, corporate America and now it would appear, housing.

FSOC meeting tomorrow. I have a few Fannie, Freddie questions for them, while they are all in the same room. Maybe Fairholme's list of questions? Oh wait, this one is closed to press. :)

The Council is made up of ten voting members and five nonvoting members.

The voting members are:

the Secretary of the Treasury, who serves as the Chairperson of the Council;
the Chairman of the Board of Governors of the Federal Reserve System;
the Comptroller of the Currency (OCC);
the Director of the Bureau of Consumer Financial Protection (CFPB);
the Chairman of the Securities and Exchange Commission (SEC);
the Chairperson of the Federal Deposit Insurance Corporation (FDIC);
the Chairperson of the Commodity Futures Trading Commission (CFTC);
the Director of the Federal Housing Finance Agency (FHFA);
the Chairman of the National Credit Union Administration (NCUA); and
an independent member with insurance expertise who is appointed by the President and confirmed by the Senate for a six-year term.
The nonvoting members, who serve in an advisory capacity, are:

the Director of the Office of Financial Research;
the Director of the Federal Insurance Office;
a state insurance commissioner designated by the state insurance commissioners;
a state banking supervisor designated by the state banking supervisors; and
a state securities commissioner(or officer performing like functions) designated by the state securities commissioners.
The state insurance commissioner, state banking supervisor, and state securities commissioner serve two-year terms.