The generational roots of deep racial disparities in housing market outcomes and the complicity of the government-sponsored enterprises (GSEs) have led their regulator, the Federal Housing Finance Agency (FHFA), to propose a rule “that would address barriers to sustainable housing opportunities for underserved communities.” The codification of the GSEs’ fair lending, fair housing, and Equitable Housing Finance Plans (EHFPs) via a single rule removes regulatory ambiguity and leverages enforcement authority in a clear and robust way. More importantly, the rule moves the FHFA’s legal basis for imposing equitable housing finance obligations on the GSEs from its powers as conservator to its more permanent authority as their regulator. Our comments focus on the EHFPs, and we believe the FHFA is right to codify them. As the current EHFP process lacks the force of law, which undergirds other GSE mission obligations, a second-best solution is for the FHFA to formalize the EHFP process by rule, which it proposes to do in 12 C.F.R. Part 1293. Here, we emphasize the need to address three main themes, which this rulemaking seeks to advance: the importance of making the EHFPs more durable and more interwoven into standard business practices; the importance of accountability, transparency, and metrics; and the role of special purpose credit programs. In addition, we offer recommendations on three needed enhancements: public engagement, greater disclosures and public data releases, and promotion of activities where the GSEs’ research and intellectual capital can advance equity broadly across the housing finance ecosystem.