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Public Statements

Financial Services Republicans Unveil Second Round of GSE Reform

Press Release

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Date:
Location: Washington, DC

House Financial Services Committee Republicans today unveiled the second round of legislation to reform government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac.

Rep. Scott Garrett (R-NJ), Chairman of the House Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises, issued the following statement:

"Republicans and Democrats in Congress, as well as the Obama administration, all agree that the current trajectory of Fannie Mae and Freddie Mac is unsustainable. We can no longer afford to sit back and allow the ongoing bailout of these failed institutions to continue. While special interest groups and the guardians of the status quo may not want to admit it, Fannie and Freddie's days are numbered. It's not a matter of if, but when -- the quicker we begin the process of dismantling them the better off we'll be.

"Building on the momentum and success of the first round of bills, we are introducing these seven bills to continue with our efforts to end the bailout, protect taxpayers and get private capital off the sidelines. These seven bills were carefully designed to tie the hands of Fannie and Freddie so that they are no longer a drag on the American taxpayers, a threat to our economic security, and an impediment to private market growth and development."

As part of the second round of legislation to reform the GSEs, Financial Services Committee Republicans will introduce the following seven bills.

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