A guest on @CNBC stated that Fannie Mae and Freddie Mac's IPOs would not have an explicit government guarantee, as that would require congressional approval. Instead, the government plans to "explicitly" state in writing that it fully supports the debt of all government-sponsored enterprises (GSEs) and will not incur losses for bondholders. But once the government explicitly commits to back GSE debt, the guarantee is no longer implicit—it's explicit, which Trump himself acknowledges requires congressional approval. This plan is a sham. Republicans must oppose this wasteful plan that enriches Trump's friends while leaving taxpayers with the burden.