News bites: Fannie, meet Freddie

The Federal Housing Finance Administration director plans to begin consolidating some functions of government-backed lending giants Fannie Mae and Freddie Mac. The new company could either be privatized or folded into the government, according to The Wall Street Journal.

A Federal Reserve Board governor sees strides in regulatory efforts to rid Wall Street of banks that are too big to fail, according to The Hill’s On The Money blog.

Despite the bloodletting at one lobbying heavyweight, K Street sees a 2013 rebound as attention shifts from Congress to an executive branch pursuing hundreds of major new federal rules, The Hill reports.

Japanese regulators will require “several steps” be taken before approving Boeing’s propose batter fix for its grounded 787 Dreamliners, according to Reuters.

The Obama administration favors rules allowing consumers to unlock their smartphones after their contracts are up, The Hill’s Hillicon Valley blog reports.

Highlights from yesterday’s RegWatch:

A housing policy coalition warned regulators against stringent new down payment requirements for borrowers.

The Federal Railroad Administration announced plans to begin testing train conductors for non-controlled substances following wrecks.

The Food and Drug Administration warned consumers about a crop of new “miracle drugs” for weight loss and sexual performance.

The Commerce Department rejected an Arab-American group’s petition for inclusion in programs meant to aid disadvantaged minority businesses.

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