WASHINGTON - In spite of intense pressure from industry lobbyists and criticism from colleagues in both parties, Rep. Richard Baker introduced a bill Wednesday that would put Fannie Mae and Freddie Mac under the supervision of the Federal Reserve Board.

But the Louisiana Republican, who is chairman of the House Financial Services Committee panel that has oversight of the two government-sponsored enterprises, signaled to critics that he may be open to modifying the proposal. He characterized the bill as a "beginning point" that he expects will serve as "a vehicle for serious hearings and discussions about regulatory structure."

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