A Republican Populist On a Mission

Representative Richard H. Baker (R-La.) and Federal Reserve Chairman Alan Greenspan share two interests: stargazing and curbing the risk to the financial system posed by mortgage-finance giants Fannie Mae and Freddie Mac. So when Baker got a photo of a star exploding into two gaseous clouds, he sent a copy to Greenspan with a note about the risks represented by big, complex systems -- a thinly veiled allusion to the two mortgage behemoths.

//

if (!window.BW_adsys) {

document.write('<\/scr' + 'ipt>');

}

// ]]>

//

if (!window.BW_sitezone) {

BW_sitezone = 'top_news/general';

}

if (window.BW_adsys) {

document.write(BW_adsys('middle', '/common_adcode/db_general_9.htm'));

}

// ]]>

Now Baker, chairman of the house capital markets subcommittee, is at the center of his own supernova. The scandal over Freddie's accounting practices has given him a long-sought opening to rein in both quasi-governmental institutions. And his campaign to force mutual funds to disclose more information about fees and costs is rattling an industry that considers itself squeaky-clean.

In the past, Baker, 55, has shone harsh lights into some of Wall Street's darker corners -- but mostly left the cleanup to regulators or industry self-policing. Now, he's starting to do more of his own heavy lifting. Before the in