GAO - Government Accountability Office

09/08/2020 | Press release | Distributed by Public on 09/08/2020 08:02

Fannie Mae and Freddie Mac: Efforts to Promote Diversity and Inclusion

The Housing and Economic Recovery Act of 2008 requires Fannie Mae and Freddie Mac, which issue mortgage-backed securities, to ensure diversity in their workforce and include diverse businesses in their business activities.

From 2011-2019, Fannie Mae and Freddie Mac slightly increased the number of women and minorities on their boards of directors and in senior management and recruited diverse workers.

They also worked with diverse businesses to complete various financial transactions, but to a lesser extent.

The Federal Housing Finance Agency reviews these efforts and required several improvements.