U.S. Rep. Richard Baker, R-Baton Rouge, a senior member of the House Financial Services committee, issued the following statement today on the overwhelming passage of the "Federal Housing Finance Reform Act of 2007" (H.R. 1427), legislation cosponsored by Baker to strengthen regulatory oversight of Fannie Mae, Freddie Mac, and the Federal Home Loan Banks, and to create an affordable housing fund estimated to bring between $350 million and $600 million to Louisiana to construct, restore, and rebuild much needed affordable housing:
"This is a great step forward in a long-standing effort to build a stronger wall between the trillion-dollar liabilities of these financial giants and the taxpayers' pockets. I am particularly proud of the fact that in the first year after enactment this legislation will provide significant resources to post-hurricane Louisiana to help rebuild, recover, and redevelop our communities. While I am disappointed by an amendment weakening the regulator's authority over the companies' investment portfolios, my vote for passage of the bill is to keep this important process moving forward, and I will work with the White House, the Treasury, members of the Senate, and Chairman Frank and others in the House to improve the final legislation."