Which of the following does not have the authority to issue securities?

The Federal Deposit Insurance Corporation (FDIC) does not have the authority to issue securities. The FDIC is primarily focused on providing deposit insurance to protect depositors in case of bank failures. Its main role is to supervise financial institutions for safety and soundness, and it does not engage in activities related to the issuance of securities, which includes stocks and bonds.

In contrast, organizations like the Government National Mortgage Association (GNMA), the Federal Home Loan Mortgage Corporation (FHLMC), and the Federal National Mortgage Association (FNMA) are involved in the issuance of securities. They engage in activities that include mortgage-backed securities (MBS), which are created by pooling together mortgages and selling shares in that pool to investors. These entities are vital players in the housing finance market and facilitate the flow of capital into home mortgages by issuing securities linked to mortgage loans.