At the same time the GAO and Treasury were instructed to conduct studies of Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. These studies laid the foundation for comprehensive regulatory modernization for both Fannie Mae and Freddie Mac in 1992 when the Federal Housing Enterprises Financial Safety and Soundness Act ("FHEFSSA") of 1992 modernized the regulatory oversight of Fannie Mae and Freddie Mac. This legislation created the Office of Federal Housing Enterprise Oversight ("OFHEO") as a new regulatory office within HUD with the responsibility to "ensure that Fannie Mae and Freddie Mac are adequately capitalized and operating safely." Most recently, the Housing and Economic Recovery Act of 2008 ('HERA') strengthened governmental oversight of Fannie Mae and Freddie Mac by establishing the Federal Housing Finance Agency (FHFA), which replaced OFHEO and HUD as Fannie Mae's safety and soundness and mission regulator. HERE is a more detailed recap of Fannie and Freddie's history.