Fannie Mae and Freddie Mac “unquestionably qualify” as systemically important financial institutions, according to the American Enterprise Institute. In a recent letter, AEI’s Alex Pollock and Thomas Stanton wrote that while the Financial Stability Oversight Council designated three nonbanks as SIFIs, it failed to do so for Fannie and Freddie. They argue that the GSEs qualify under both the statutory and FSOC definitions, and under any “objective assessment of their financial importance.” The AEI wants to make sure that the protective capital and regulatory standards applying to SIFIs can be applied to Fannie and Freddie. “Indeed, the failure of the GSEs revealed only some of the problems caused by lack of accurate information (and consequent pricing) with...