WASHINGTON - Rep. Richard Baker, R-La., is scaling back legislation that would overhaul regulation of Fannie Mae and Freddie Mac in an effort to improve its prospects of becoming law.

The chairman of the Financial Services subcommittee that has jurisdiction over government-sponsored enterprises said Tuesday that he plans to introduce a bill next week that will serve as a legislative marker that "we are going to move very slowly, very methodically through the summer."

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