Last year, in an effort to ensure the financial safety and soundness of [Fannie Mae and Freddie Mac], Congress created the office of Federal Housing Enterprise Oversight and required this new office to develop comprehensive risk-based capital standards by the end of 1994.

The establishment and enforcement of meaningful capital standards for these two federally chartered corporations is critically important because, while they pose no immediate risk to taxpayers, they remain two of the most thinly capatalized fimancial institutions in the country.

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