This annual report describes FHFA's accomplishments, as well as challenges, the agency faced in meeting the strategic goals and objectives during the past fiscal year.
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Implement critical reforms that will produce a stronger and more resilient housing finance system.
FOSTER competitive, liquid, efficient, and resilient (CLEAR) national housing finance markets that support sustainable homeownership and affordable rental housing; OPERATE in a safe and sound manner appropriate for entities in conservatorship; and PREPARE for eventual exits from the conservatorships.
2019 Conservatorships Strategic Plan
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Washington, D.C. – Today, the Federal Housing Finance Agency (FHFA) announced that Phyllis K. Fong will be the Acting Inspector General (IG). Fong will continue to serve as the IG for the U.S. Department of Agriculture (USDA) while she serves as the Acting FHFA IG.
As IG, Ms. Fong will be the senior official in the Office of Inspector General (OIG) responsible for audits, investigations, and other oversight activities relating to FHFA’s programs and operations.
"FHFA takes great pride in being a world-class prudential regulator. We strive to be good stewards of the resources taxpayers have entrusted to us. Inspector Fong’s leadership in FHFA OIG will provide the oversight required to ensure that FHFA executes our mission in an efficient and effective manner without waste, fraud, or abuse," said Acting Director Sandra L. Thompson.
"FHFA OIG has an important mission – to provide oversight and recommendations to enable FHFA to deliver its programs as effectively as possible. I look forward to working with FHFA OIG’s staff to accomplish this mission, and appreciate Acting Director Thompson’s interest and support," said Ms. Fong.
Ms. Fong has served as IG for USDA since 2002. Ms. Fong’s priorities as IG have been to focus USDA OIG’s resources on the protection of public health and safety related to USDA’s mission and operations, and to improve the management and financial integrity of the Department’s programs. Prior to her appointment at USDA, Ms. Fong served as the IG of the U.S. Small Business Administration (SBA). Ms. Fong served as SBA’s Inspector General from April 1999 until December 2002. Prior to her appointment, Ms. Fong served as a career member of the Senior Executive Service, she held several senior management positions at SBA OIG.
From 2008 to 2014, Ms. Fong served as the first Chairperson of the Council of the Inspectors General on Integrity and Efficiency (CIGIE), an independent agency established by Congress in the Inspector General Reform Act of 2008. Ms. Fong also served as a member of the Recovery Accountability and Transparency Board, established by Congress to oversee Federal spending under the American Recovery and Reinvestment Act of 2009 until its sunset in September 2015. The Board’s responsibilities included oversight of disaster relief funds for Hurricane Sandy.
Ms. Fong was born in Philadelphia, Pennsylvania, and raised in Honolulu, Hawaii. She graduated from Pomona College with a B.A. degree in Asian studies and earned her J.D. degree from Vanderbilt University School of Law. Ms. Fong is a member of the Tennessee and District of Columbia bars. She and her husband have two children.
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