WASHINGTON — Rep. Richard Baker on Thursday reiterated that nearly every part of his controversial bill to transfer oversight of Fannie Mae and Freddie Mac to the Federal Reserve Board is negotiable but stood firm on eliminating the Office of Federal Housing Enterprise Oversight.

The Louisiana Republican, who chairs the House Financial Services subcommittee with jurisdiction over Fannie and Freddie, sharply criticized OFHEO for its failure to develop a risk-based capital standard for the government-sponsored mortgage companies, which its 1992 charter required.

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