Search Form
First, enter a politician or zip code
Now, choose a category

Public Statements

Rep. Schweikert Introduces Bill to Jumpstart GSE Reform

Press Release

Location: Unknown

Today, Congressman David Schweikert (R-AZ), Chairman of the House Small Business Subcommittee on Investigations, Oversight and Regulations, introduced H.R. 2348, the Jumpstart GSE Reform Act, a companion piece to S. 563, introduced by Senator Bob Corker.

Addressing two major concerns in the housing reform debate, this bill prohibits the use of increased Fannie Mae or Freddie Mac guarantee fees (g-fees) for the purpose of deficit reduction except as it relates to GSE business functions.

It also provides oversight and accountability by ensuring congressional approval on any change in the conservatorship status of the GSEs, including a public offering. This provision is critical as the Senate and the House address housing reform.

"It has been five years since the housing crisis forced the GSEs into conservatorship. In that time, we have seen the market go from peak to valley.

"However, now that we once again see signs of life in home values, I am concerned that the Administration sees Fannie and Freddie as cash cows to pay for big government spending. We've seen this once before, and are now watching as the Treasury Departmentfreely spends GSE profits.

"At the same time, the American people need the reassurance that Congress will have the opportunity to reform the housing market and allow private capital to flow back into private label securitization. This bill ensures that," said Rep. Schweikert.

Skip to top

Help us stay free for all your Fellow Americans

Just $5 from everyone reading this would do it.

Thank You!

You are about to be redirected to a secure checkout page.

Please note:

The total order amount will read $0.01. This is a card processor fee. Please know that a recurring donation of the amount and frequency that you selected will be processed and initiated tomorrow. You may see a one-time charge of $0.01 on your statement.

Continue to secure page »

Back to top