There’s one very important aspect is missing from the sweeping financial reform proposals currently being mulled over in Washington: to fix or wind down the government-sponsored entities (GSEs) Fannie Mae and Freddie Mac. But yesterday, I learned of one piece of legislation sponsored by Rep. Scott Garrett (R-NJ) which seeks to force Washington to face the GSE problem. He’s sponsoring a bill that calls for transparency and accountability for the cost that the GSEs impose on taxpayers. How does he hope to do that? Make the GSEs a part of the budget. While only a start, I think this legislation makes a lot of sense.