Filibusterd by Dodd in 2004, and killed in committe by Democrats in 2005, 2006.
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http://www.nytimes.com/2003/09/11/business/new-agency-proposed-to-oversee-freddie-mac-and-fannie-mae.html
September 11, 2003
New Agency Proposed to Oversee Freddie Mac and Fannie Mae
By STEPHEN LABATON
The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.
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.
Frank, that lying POS, claimed a couple of months ago that the funding was for the Catholic Church!
Unfortunately, when it got to the House floor, right-wing Republicans added language that would have prevented the Affordable Housing Trust Fund from working, by excluding organizations that they distrusted, such as the arm of the Catholic Church that builds affordable housing. I voted against the bill in protest of those restrictions, while making it clear that I was for the reforms it otherwise contained.