Rep. James Leach, R-Iowa said that he plans to place Farmer Mac and all other GSE's under a proposed new regulatory regime. Leach chaired the House Financial Services Committee until term limits forced him to step down in 2000 said, "issues in the farm credit system are potentially more explosive than either of the housing GSE's." The farm credit system provides financing to farmers while Fannie, Freddie and the FHLBanks bolster the U.S. residential mortgage market.