​As conservator of Fannie Mae, the FHFA Director has sole authority to determine the discipline to be imposed on Mr. Mayopoulos for his repeated breaches of duty to Fannie Mae. Should the FHFA Director impose discipline short of removal on Mr. Mayopoulos, the FHFA Director should direct Mr. Mayopoulos to amend the email message he sent to Fannie Mae employees on August 11, 2016, with a new email in which he acknowledges that he did not follow Fannie Mae Governance Authorities in connection with his disclosure of a situation that could give rise to a conflict of interest and recommits to follow the letter and spirit of those authorities.