This invention provides methods of regulating fat storage in tissue by modulating the levels of Fibrate Induced Transcript 1 (FIT1) and/or Fibrate Induced Transcript 2 (FIT2), as well as diagnostic screens for disorders and conditions involving regulation of fat storage in tissue, assays for identifying agents that can regulate fat storage in tissue through modulating the levels of FIT1 and/or FIT2, and genetically altered mammals in which expression of FIT1 and/or FIT2 is altered in one or more tissue.