Robert G. Wilmers, chairman and CEO of M&T Bank, notes that although lawmakers are making progress on updating financial regulation, they have yet to address Fannie Mae and Freddie Mac, which played a key role in the credit crisis. To reform Fannie and Freddie, lawmakers, regulators and other officials must acknowledge and understand how "their outrageous behavior and reckless business practices have affected the entire commercial banking sector and the U.S. economy as a whole," Mr. Wilmers wrote.

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