The regulatory regime currently contemplated in government-sponsored enterprise reform legislation in the Senate doesn’t go far enough, according to officials at the Federal Housing Finance Agency and others. At a hearing this week by the Senate Committee on Banking, Housing and Urban Affairs, Alfred Pollard, general counsel at the FHFA, testified that the regulatory functions included in GSE reform legislation from Sens. Bob Corker, R-TN, and Mark Warner, D-VA, should be enhanced. “Making regulatory authority clear and explicit, including where appropriate the ability to establish prudential standards, set capital requirements and take enforcement actions, would enhance...