Anumber of steps can be taken toeliminate the impressionthatFannie Mae and Freddie Macare backed by the government, withfull privatization beingideal.

The Shadow Financial Regulatory Committee (SFRC) is a group of publicly recognized independent experts on the financial services industry, including banking, insurance, and securities, who meet regularly to study and critique regulatory policies affecting this sector of the economy. At the two closed sessions before the luncheon, committee members discussed,...