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OMB Letterhead

September 12, 2008
Contact: OMB Communications, 202-395-7254

Statement by OMB Director Jim Nussle on the GSEs Budgetary Status

Washington, DC — “After extensive consideration and discussion with the Department of Treasury and various stakeholders, I have decided to maintain the GSEs’ (Government Sponsored Enterprise) non-budgetary status.” 

“OMB considered many factors in this decision, including the level of federal ownership, degree of control, economic risk to the taxpayer and temporary nature of the arrangement.”

“While the GSEs will not be included in the budget at this time, I will continue to monitor closely the implementation of the government’s arrangement with the GSEs and may reevaluate their budgetary status in the future, should conditions change.”

“We will ensure the government’s financial relationship with the GSEs is transparent in the budget and Financial Statements of the U.S. Government, including details on the implementation of the current conservatorship and any federal assistance, the financial health of the entities involved, and the current and projected fiscal impact on government finances.”

“The business operations and assets and liabilities of the GSEs will not be included in the budget and Financial Statements; however, all current and projected liabilities and cash flows between the GSEs and the government will be fully reflected and explained.”