Friday, June 17, 2016

Hill Introduces Bill Requiring Treasury Secretary to Lead Reform of Fannie and Freddie

WASHINGTON – Today, Congressman French Hill (AR-02) introduced H.R. 5505, the GSE Review and Reform Act. H.R. 5505 would require the U.S. Treasury Department to study ending the conservatorship of the Government Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac on an annual basis.

Despite being at the center of the 2008 financial crisis and requiring a nearly $200 billion bailout from American taxpayers, the Dodd-Frank Act failed to address the root cause of the crisis—a failed housing policy. Other than a 2011 study, the administration has had little engagement with Congress on a path toward ending this eight-year-long conservatorship and reforming our broken housing finance system.

There has been no progress toward moving these federally dependent GSEs out of the conservatorship. My bill would force Treasury to study this issue and present its recommendations to Congress at least once a year, creating engagement on the best path forward on housing finance reform to end taxpayer exposure and ensure access to mortgage credit for Americans,” said Hill.

Wall Street Journal: FHFA IG Reports Fannie Mae Construction Costs pose a “significant financial and reputation risk”

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