Government-Sponsored Enterprises: Reality Catches Up to Public Administration Theory

• 成果类型: Article
• 署名作者: Stanton, Thomas H.
• 署名单位: Johns Hopkins University
• 刊物名称: PUBLIC ADMINISTRATION REVIEW
• ISSN/ISSBN: 0033-3352
• DOI: 10.1111/j.1540-6210.2009.02012.x
• 发表日期: 2009
• 页码: 632-639
• 关键词: accountability; management

摘要

Fannie Mae and Freddie Mac are insolvent and in government hands. Political forces led many lawmakers to neglect warnings from public administration academics and practitioners about the vulnerabilities of government-sponsored enterprises (GSEs). Private ownership combined with government backing let the two companies dominate their markets and the political process. GSEs successfully resisted bank-type regulation and capital requirements. The options now include restoring the two GSEs in some form, transforming them into temporary or longer-term wholly owned government corporations, or simply ending them. This article discusses the advantages and drawbacks of each option. Again, the public administration literature provides useful suggestions about organizational alternatives.