It would either require an act of Congress or a commitment from Fannie Mae’s and Freddie Mac’s regulator to bring the two GSEs out of government conservatorship, depending on which expert you believe, and perhaps who is heading the Treasury Department. Investment banker Jim Millstein is once again pushing for a plan to deal with the future of Fannie and Freddie, saying the two GSEs should be allowed to rebuild capital. In a recent report, Millstein – who at the Treasury Department oversaw the restructuring of bailed-out insurer American International Group – says if the two firms are allowed to recapitalize, they could create a cash cushion that can be placed in front of Treasury’s existing backstop.