As the company reported in its September 11, 2008 Form 8-K filing with the SEC, upon the appointment of the Conservator on September 6, 2008, in accordance with the Regulatory Reform Act, the Federal Housing Finance Agency (FHFA), as Conservator and by operation of law, immediately succeeded to all rights, titles, powers, and privileges of Fannie Mae, and of any director of Fannie Mae with respect to Fannie Mae and its assets. Accordingly, the Board of Directors no longer had the power or duty to manage, direct, or oversee the business and affairs of Fannie Mae. On November 24, 2008, FHFA, as Conservator, reconstituted Fannie Mae's Board of Directors and directed Fannie Mae regarding the function and authorities of the Board of Directors. The directors of Fannie Mae serve on behalf of the Conservator and exercise their authority as directed by the Conservator.

By charter, our board is made up of 13 members or such other number that the Director of FHFA determines appropriate. FHFA has directed that our board will have a minimum of nine and not more than 13 directors.

Pursuant to the Company's Bylaws and Corporate Governance Guidelines, our Board of Directors has the following standing Committees: Audit, Compensation, Executive, Nominating & Corporate Governance (N&CG), Risk Policy & Capital (RP&C), and Strategic Planning.

The Executive Committee members are: 

• Philip A. Laskawy, Chair
• Dennis R. Beresford
• Brenda J. Gaines
• Charlynn Goins
• Frederick B. "Bart" Harvey III
• Michael J. Williams

The Audit Committee members are:

• Dennis R. Beresford*, Chair
• William Thomas Forrester*
• Brenda J. Gaines*

The Compensation Committee members are:

• Brenda J. Gaines, Chair
• Dennis R. Beresford
• Jonathan Plutzik
• David H. Sidwell

The Nominating & Corporate Governance Committee members are:

• Charlynn Goins, Chair
• William Thomas Forrester
• Frederick B. "Bart" Harvey III
• Egbert L. J. Perry

The Risk Policy & Capital Committee members are:

• Philip A. Laskawy, Chair
• Frederick B. "Bart" Harvey III
• Egbert L. J. Perry
• Jonathan Plutzik
• David H. Sidwell

The Strategic Planning Committee members are:

• Frederick B. "Bart" Harvey III, Chair
• Charlynn Goins
• Egbert L. J. Perry
• David H. Sidwell


*Audit Committee Financial Expert