Related to the september fhafa ruling revising membership requirement of fhlbs. And what they want to know is since they dont hold mortgages they being the Ohio Capital Fund that that range from 110 depends on the type or the asset size. When that goes into effect, it would cause them to terminate their membership with a Federal Home Loan Bank in cincinnati because it doesnt hold mortgages. So would you or your team give any consideration of doing an evaluation on the impact of the burden to Community Development Financial Institutions of a less severe remedy than loss of membership . We, we are looking at every aspect of this. Weve got, as i indicated before approximately 1300 comments in response to the proposed rule, and were going through them. Our preliminary analysis indicates that despite the fact that there are 7500 members of the Federal Home Loan Bank system now, only 50100 of them would bed adversely affected would be adversely affected by the rule. And thats not to minimize
Preferred stock Purchase Agreements were entered into with treasury, that suspended the capital of fannie and freddie. If we were building up capital i understand exactly what youre saying. But those two criteriaen dont apply anymore because they are in conservatorship. Every dime is going to the taxpayers if theres a profit. Theres statutory language here that requires an end to the allocation. I think its very straightforward. But ill close with this. Today, i along with many of my republican colleagues will reintroduce the payback the taxpayers act. And this bill will ensure that money coming in from the gses will go to the taxpayers, in other words, will go to address this issue instead of being diverted to the Housing Trust fund. But thank you, director. Good to see you again. Time of the gentleman has expired. Chair now recognizes the gentleman from missouri, mr. Cleaver. Thank you, mr. Chairman. And Ranking Member, thank you for being here, mr. Watt. Theres been a lot of discuss