During negotiations over the bill to reform the Government Sponsored Enterprises (GSEs) that was recently passed out of the Senate Banking Committee, some stakeholders and policymakers argued that the better course was to pursue long term GSE reform administratively. In this commentary, Jim Parrott explains why that cant be done. Leaving the enterprises in conservatorship permanently is unhealthy for the market and unduly risky for both the enterprises and the taxpayer. Yet bringing them out of conservatorship would be cataclysmic for the enterprises and market alike. The only path available on long term reform thus leads through the halls of Congress.