Skip to comments.Proof of McCain's Support for Fannie Freddie reform over 4 years ago
Posted on 09/17/2008 10:06:47 AM PDT by GOPFlack
All D's on committee opposed including Dodd and Schumer in mark up.
S.1508 Title: A bill to address regulation of secondary mortgage market enterprises, and for other purposes. Sponsor: Sen Hagel, Chuck [NE] (introduced 7/31/2003) Cosponsors (4) Related Bills: S.1656 Latest Major Action: 4/1/2004 Senate committee/subcommittee actions. Status: Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably. Jump to: Summary, Major Actions, All Actions, Titles, Cosponsors, Committees, Related Bill Details, Amendments SUMMARY AS OF: 7/31/2003--Introduced. Federal Enterprise Regulatory Reform Act of 2003 - Amends the Housing and Community Development Act of 1992 to establish in the Department of the Treasury the Office of Federal Enterprise Supervision. Transfers to the Director of such Office supervisory and regulatory authority over specified government sponsored enterprises (Fannie Mae and Freddie Mac) from the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development (HUD) and from the Secretary of Housing and Urban Development. Prohibits merger or consolidation of such Office or its functions.
Requires: (1) the Director to ensure that the enterprises operate in a financially safe manner and remain adequately capitalized; and (2) that each enterprise have prior approval of the Director before implementing a new program.
Sets forth operating, administrative, and regulatory provisions of the Director, including provisions respecting: (1) assessment authority; (2) authority to limit nonmission-related assets; (3) minimum and critical capital levels; (4) risk-based capital test; (5) capital classifications and undercapitalized enterprises; (6) enforcement actions and penalties; and (7) reporting.
Sets forth certain retained authorities of the Secretary.
Abolishes the Office of Federal Housing Enterprise Oversight. Sets forth related transfer of personnel and facility and property provisions.
MAJOR ACTIONS: ***NONE***
ALL ACTIONS: 7/31/2003: Sponsor introductory remarks on measure. (CR S10623) 7/31/2003: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR 8/1/2003 S10623-10631) 4/1/2004: Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably. TITLE(S): (italics indicate a title for a portion of a bill) ***NONE***
COSPONSORS(4), ALPHABETICAL [followed by Cosponsors withdrawn]: (Sort: by date)
Sen Dole, Elizabeth [NC] - 7/31/2003 Sen Lott, Trent [MS] - 1/22/2004 Sen McCain, John [AZ] - 9/10/2003 Sen Sununu, John E. [NH] - 7/31/2003 COMMITTEE(S): Committee/Subcommittee: Activity: Senate Banking, Housing, and Urban Affairs Referral, Markup, In Committee RELATED BILL DETAILS: (additional related bills may be indentified in Status) Bill: Relationship: S.1656 Related bill identified by CRS
Somebody on the McCain campaign ought to use this. NO ONE is reporting it.
I frist heard it yesterday on Hannity’s radio show.
The United States Senate
May 25, 2006
Statement by John McCain
New Agency Proposed to Oversee Freddie Mac and Fannie Mae - NY Times Sept 11, 2003
Sponsor: Sen. Charles Hagel [R-NE]
Note that Sen. McCain is the only original sponsor of this legislation who was not a member of the Banking Committee. He had nothing to gain politically by sponsoring this bill. He simply thought it was the right thing to do.
So, does Barack Obama ever plan to debate John McCain??
I posted information about it here, but the mods did not think it was 'news' and threw it under the bus into the 'Your Opinions' category.
From FR in 2005
Obama’s Fannie/Freddie Cash in under 4 years, #2 in the Senate
Obama, Barack S IL D $126,349 $6,000 $120,349
McCain 21K over 19 years
Another question: How much did the Fannie and Freddie Foundations give to Barrack’s organization when he was a “community organizer.”
ping for later read.
Do you know if the reason for it being dead is because it never came up for a vote?
There was no vote on it. I have seen accusations that the Dems blocked any vote on it, but nothing concrete on what exactly happened to this bill. It would be interesting if there were any Biden/Obama fingerprints on the blocking of this bill. Obviously Reid probably could have moved this to a vote if he wanted, but he ain't running.
The mark up in Committee was so contentious that they knew it would never get a floor vote because the Dems would just filibuster
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