Congress looks poised to enact its second piece of legislation involving the two government-sponsored enterprises that have been in conservatorship for over seven years. Lawmakers included the “Jumpstart GSE Reform Act” in a fiscal 2016 omnibus spending bill that is expected to be approved late this week. The first piece of GSE legislation enacted by Congress affected just two people, rolling back pay raises awarded to the CEOs of Fannie Mae and Freddie Mac early in 2015. The “Jumpstart” language is more daring by barring the Treasury Department from doing something it has no intention of doing: selling its preferred stock in the GSEs without Congressional approval. The original Jumpstart legislation, sponsored by Sens. Bob Corker, R-TN, Mark Warner, D-VA, and Elizabeth Warren, D-MA, also would have blocked...