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Rule Draws Senate Fire, But SEC And NYSE Remain Firm

Law360 (April 26, 2006, 12:00 AM EDT) -- Despite heavy criticism from Congress earlier this week, both the New York Stock Exchange and the U.S. Securities and Exchange Commission are remaining firm in their support for the rule that permits companies like Fannie Mae to continue to be traded despite missing filing deadlines.

As regulatory scrutiny of government-sponsored companies Fannie Mae and Freddie Mac heightens, lawmakers have been increasingly critical of the rule, which Senator Chuck Hagel said “sends the wrong message to the market.”

But according to the NYSE, the rule is an...
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