Fannie Mae (FNMA)

[arkup]

Calabria might say something along the lines of:

My role as Director of FHFA is to carry out the clear intent of Congress. Article I, Section 8 of the United States Constitution states, “All legislative powers herein granted are vested” – and vested exclusively – “in a Congress of the United States.” By contrast, the powers and responsibilities of FHFA are limited to faithfully executing the laws, which apply equally to everyone at FHFA without exception.
For instance, the Housing and Economic Recovery Act of 2008 directs the FHFA Director to release the Enterprises from conservatorship through one of three mechanisms: “reorganizing, rehabilitating, or winding up [their] affairs.”8 Therefore, ending the Enterprise conservatorships is one of my top priorities first and foremost because it is what the statute requires.

And

Last month, Secretary Mnuchin and I agreed to allow the Enterprises to retain capital of up to $45 billion combined. This is a significant step forward. Retaining just one quarter’s net worth has improved their leverage ratio by roughly half. But it still stands at nearly five hundred to one. By contrast, the nation’s largest banks have an average leverage ratio of around ten to one.