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Congress established the Federal Housing Finance Agency (FHFA) to exercise general regulatory authority over Freddie Mac and Fannie Mae (the Enterprises), which are chartered by federal statutes to serve public missions. These public missions include providing "stability” and "ongoing assistance” to the secondary market for residential mortgages "by increasing the liquidity of mortgage investments.” FHFA has statutory duty to oversee that Enterprise operations are consistent with safety and soundness. As part of its supervisory duties, FHFA is proposing to establish minimum requirements to ensure adequacy of Enterprise liquidity. Maintenance of adequate liquidity is necessary to ensure that the Enterprises maintain continued capacity to meet their financial obligations and continued ability to fulfill their statutory purposes during periods of market stress when debt markets may be illiquid. The proposed rule would propose minimum Enterprise liquidity requirements sufficient to continue meeting their financial obligations in periods of short term and long term debt market stress. The minimum liquidity requirements would define eligible assets that would qualify for liquidity and the metrics for determining compliance. The proposed rule would also provide for supervisory and enforcement processes to address non-compliance of the minimum requirements.