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newtothegame
04-24-2010, 01:26 AM
Not needed apparently lol.........:bang:

Sen. Dodd Nixes Fannie & Freddie Reform in Democrats' Finance Bill
by Connie Hair

04/23/2010
The two entities at ground zero of the financial meltdown in 2008 -- Fannie Mae and Freddie Mac -- will not be part of the finance “reform” bill that comes up for a cloture vote in the Senate on Monday.

Senate Banking Committee Chairman Chris Dodd (D-Conn.) told CNBC (http://thehill.com/blogs/blog-briefing-room/news/93983-dodd-fannie-and-freddie-have-to-be-addressed-in-next-wave-of-legislation) that the two mortgage giants will not be included in this round of “reform” but will be handled at some later date -- yet to be determined.

"Fannie and Freddie and the whole GSE system and it's a great question and a legitimate one in desperate need of reform," Dodd said on CNBC. "But candidly there's only so much I could only take on with this bill, and so that comes up. But not in this round. It's in the next wave here we have to deal with GSEs."

Promise and cross my heart.

The truth of the matter is Democrats lack the political will to reform Fannie and Freddie -- a political minefield for Democrats with an eye on the November elections and the albatross of Obamacare hanging around their necks.

Rep. Jeb Hensarling (R-Texas), the top Republican on the House Financial Services Subcommittee on Financial Institutions and Consumer Credit, sent a letter to his GOP Senate colleagues today asking them to vote against cloture on the Democrats’ finance bill warning that “… the most glaring shortcoming in this legislation is what is not included in S. 3217: fundamental reform of the two largest recipients of taxpayer bailouts, Fannie Mae and Freddie Mac. Together they represent the two largest, most influence-exerting, regulation-avoiding, bailed-out institutions in America.”

Hensarling served on the Congressional Oversight Panel (COP) for the Troubled Asset Relief Program (TARP) and introduced last month a bill to reform government-sponsored entities (http://www.govtrack.us/congress/bill.xpd?bill=h111-4889) such as Fannie and Freddie.

(Note, the $50 billion permanent bailout fund is still in the Senate bill up for a cloture vote Monday and would have to be stripped by amendment.)

Text of the Hensarling letter sent to Senate Republicans (in full):

http://www.humanevents.com/article.php?id=36689