Recently US Representative Judy Biggert, the ranking Republican on the House Financial Services Committee’s Subcommittee on Oversight and Investigations committee, introduced H.R. 4581 in conjunction with H.R. 4450.

The congresswoman’s proposal would create an Inspector General under the Federal Housing Finance Agency (FHFA) for the purpose of overseeing and reporting to congress on the actions of Fannie Mae and Freddie Mac.

Rep. Biggert created the bill to “improve transparency and accountability” within the GSEs.   The new IG will report on taxpayer liabilities, investment decisions, executive bonuses, fraud, investment securities, capital reserves and far too many other issues to list here.

To this I say: DUH!!

What has this committee being doing since the GSE takeover let alone anytime over the past decade?

Here we are watching the Housing Financial Service Committee Chairman Barney Frank moved toward resolving the GSEs’ ultimate fate and Rep. Biggert has suddenly discovered that the old Fannie and Freddie could use some increased oversight. What’s next, a call to investigate Lehman Brothers?

Time and money spent on creating an IG to oversee the actions of the GSEs is like closing the barn door after the horses have run off.

Acting Director DeMarco and his FHFA staff are more than capable to oversee and report to Congress on the “transparency and accountability” of the GSEs.  I would suggest the oversight committee’s time would be better spent working with Chairman Frank and the full committee to help determine the fate of Fannie and Freddie and the reform of the housing finance system.

Come on, folks.  Let’s stop looking out the rear window and start looking forward to our future.