Government Sponsored Enterprises (GSEs)
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The operations of Government-Sponsored Enterprises (GSEs) are generally not included in the President’s Budget. GSEs, as defined in the 1974 Budget Act,16 are private shareholder-owned companies chartered by the federal government for public purposes—for example, improving the accessibility of credit for housing, agriculture, or community and rural development. Although the GSEs are federally chartered, they are shareholder-owned private companies, and their securities are not backed by the full faith and credit of the federal government.
While GSE operations are not included as budget items in the President’s budget, GSE financial statements are displayed in the Budget Appendix for informational purposes.17 Notwithstanding the general treatment of GSEs as non-budgetary, recent large infusions of Treasury funds in response to the Great Recession of 2007–2009 have been included as budget items. The GSEs include:
The Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (Freddie Mac) which provide liquidity in the residential mortgage market and increase the availability of mortgage credit by guaranteeing and investing in mortgages in the secondary mortgage market;
The Federal Home Loan Banks, which assist thrift institutions, banks, insurance companies, and credit unions with member advances to provide financing for housing and community development;
The Farm Credit System, including the Agricultural Credit Bank and Farm Credit Banks, which provide financing to agriculture; and
The Federal Agricultural Mortgage Corporation (“Farmer Mac”), which provides a secondary market for agricultural real estate, rural housing loans, and certain rural utility loans, as well as for farm and business loans.
The housing GSEs are regulated by the Federal Housing Finance Agency (FHFA).
For additional background on GSEs see TRILLIONS: A Primer on Federal Spending, Taxes, the U.S. Debt Ceiling, and Fiscal Law.