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Fed's Stern: Vital for Fannie, Freddie to keep operating

WASHINGTON
Wed Aug 20, 2008 3:13pm EDT

WASHINGTON (Reuters) - Minneapolis Federal Reserve President Gary Stern said on Wednesday it was important for struggling U.S. mortgage finance giants Fannie Mae and Freddie Mac to keep operating.

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Recent steps by the government to offer them support were "appropriate," Stern told Bloomberg TV.

The broader issue of whether a financial firm is too big to fail can be addressed when market conditions turn calmer, Stern said.

Stern is a voting member of the Fed's rate-setting committee this year.

(Reporting by Glenn Somerville and Richard Leong, Editing by Chizu Nomiyama)
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