Yes, and 5 years ago President George W Bush proposed sweeping changes in regulations that would have moved the regulatory authority of the industry to the Treasury department and away from the incompetent congressional agency that had bungled the Fannie Mae and Freddie Mac business to the point of nearly requiring a bailout then. Democrats blocked the regulatory overhaul.
New Agency Proposed to Oversee Freddie Mac and Fannie Mae (September 2003)
The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.So FIVE YEARS AGO Bush proposed, and Democrats blocked, the very regulatory reforms that needed to be in place to prevent this mess.Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.
The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.
Adding Clinton’s Equal Credit Opportunity Act, combined with the Loral missile deal to Red China; Its like he was a paid agent of the Soviet Union.