OFHEO had earlier said that Fannie Mae in 1998 improperly put off accounting for $200 million in expenses to future periods so executives could collect $27 million in bonuses. As a result of the charges, Fannie Mae agreed with both OFHEO and the Securities and Exchange Commission to pay a record fine of $400 million to settle securities fraud charges. Fannie Mae, like Freddie Mac, is still struggling to resolve vast accounting errors. In Fannie Mae's case it is still working to resolve as much as $11 billion in accounting flaws and has not issued quarterly financial statements in almost two years. The reform bills in both the House and Senate would also create a new regulator for both Fannie Mae and Freddie Mac, as well as the Federal Home Loan Banks; set new capital standards, and allow the new regulator to determine which products and services the secondary market players may sell or offer.