Senator Phil Gramm (R, Texas), chair of the Senate banking committee, stated that he wants the housing subcommittee to conduct aggressive oversight of the Department of Housing and Urban Development. At his 2000 legislative agenda press conference last week, Gramm specified he wanted the subcommittee to particularly look at the ways in which HUD oversees and regulates Fannie Mae and Freddie Mac.

"Clearly that is one of the areas I want to look at," Gramm said.

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