Proof of McCain's Support for Fannie Freddie reform over 4 years ago

Thomas ^ | self

[GOPFlack]

All D's on committee opposed including Dodd and Schumer in mark up.

S.1508 Title: A bill to address regulation of secondary mortgage market enterprises, and for other purposes. Sponsor: Sen Hagel, Chuck [NE] (introduced 7/31/2003) Cosponsors (4) Related Bills: S.1656 Latest Major Action: 4/1/2004 Senate committee/subcommittee actions. Status: Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably. Jump to: Summary, Major Actions, All Actions, Titles, Cosponsors, Committees, Related Bill Details, Amendments SUMMARY AS OF: 7/31/2003--Introduced. Federal Enterprise Regulatory Reform Act of 2003 - Amends the Housing and Community Development Act of 1992 to establish in the Department of the Treasury the Office of Federal Enterprise Supervision. Transfers to the Director of such Office supervisory and regulatory authority over specified government sponsored enterprises (Fannie Mae and Freddie Mac) from the Office of Federal Housing Enterprise Oversight of the Department of Housing and Urban Development (HUD) and from the Secretary of Housing and Urban Development. Prohibits merger or consolidation of such Office or its functions.

Requires: (1) the Director to ensure that the enterprises operate in a financially safe manner and remain adequately capitalized; and (2) that each enterprise have prior approval of the Director before implementing a new program.

Sets forth operating, administrative, and regulatory provisions of the Director, including provisions respecting: (1) assessment authority; (2) authority to limit nonmission-related assets; (3) minimum and critical capital levels; (4) risk-based capital test; (5) capital classifications and undercapitalized enterprises; (6) enforcement actions and penalties; and (7) reporting.

Sets forth certain retained authorities of the Secretary.

Abolishes the Office of Federal Housing Enterprise Oversight. Sets forth related transfer of personnel and facility and property provisions.

MAJOR ACTIONS: ***NONE***

ALL ACTIONS: 7/31/2003: Sponsor introductory remarks on measure. (CR S10623) 7/31/2003: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR 8/1/2003 S10623-10631) 4/1/2004: Committee on Banking, Housing, and Urban Affairs. Ordered to be reported with an amendment in the nature of a substitute favorably. TITLE(S): (italics indicate a title for a portion of a bill) ***NONE***

COSPONSORS(4), ALPHABETICAL [followed by Cosponsors withdrawn]: (Sort: by date)

Sen Dole, Elizabeth [NC] - 7/31/2003 Sen Lott, Trent [MS] - 1/22/2004 Sen McCain, John [AZ] - 9/10/2003 Sen Sununu, John E. [NH] - 7/31/2003 COMMITTEE(S): Committee/Subcommittee: Activity: Senate Banking, Housing, and Urban Affairs Referral, Markup, In Committee RELATED BILL DETAILS: (additional related bills may be indentified in Status) Bill: Relationship: S.1656 Related bill identified by CRS

[RexBeach]

Somebody on the McCain campaign ought to use this. NO ONE is reporting it.

I frist heard it yesterday on Hannity’s radio show.

[Always Right]

FEDERAL HOUSING ENTERPRISE REGULATORY REFORM ACT OF 2005 (Bill pdf )

The United States Senate

May 25, 2006

Statement by John McCain

Sen. John McCain [R-AZ]: Mr. President, this week Fannie Mae's regulator reported that the company's quarterly reports of profit growth over the past few years were "illusions deliberately and systematically created" by the company's senior management, which resulted in a $10.6 billion accounting scandal.

The Office of Federal Housing Enterprise Oversight's report goes on to say that Fannie Mae employees deliberately and intentionally manipulated financial reports to hit earnings targets in order to trigger bonuses for senior executives. In the case of Franklin Raines, Fannie Mae's former chief executive officer, OFHEO's report shows that over half of Mr. Raines' compensation for the 6 years through 2003 was directly tied to meeting earnings targets. The report of financial misconduct at Fannie Mae echoes the deeply troubling $5 billion profit restatement at Freddie Mac.

The OFHEO report also states that Fannie Mae used its political power to lobby Congress in an effort to interfere with the regulator's examination of the company's accounting problems. This report comes some weeks after Freddie Mac paid a record $3.8 million fine in a settlement with the Federal Election Commission and restated lobbying disclosure reports from 2004 to 2005. These are entities that have demonstrated over and over again that they are deeply in need of reform.

For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac--known as Government-sponsored entities or GSEs--and the sheer magnitude of these companies and the role they play in the housing market. OFHEO's report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO's report solidifies my view that the GSEs need to be reformed without delay.

I join as a cosponsor of the Federal Housing Enterprise Regulatory Reform Act of 2005, S. 1 90, to underscore my support for quick passage of GSE regulatory reform legislation. If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.

I urge my colleagues to support swift action on this GSE reform legislation.

---------------------------------------------------

New Agency Proposed to Oversee Freddie Mac and Fannie Mae - NY Times Sept 11, 2003

McCain - Federal Housing Enterprise Regulatory Reform Act of 2005 (Democrats blocked reform)

Sponsor:  Sen. Charles Hagel [R-NE]

Cosponsors [as of 2007-01-08]

Sen. Elizabeth Dole [R-NC]

Sen. John McCain [R-AZ]

Sen. John Sununu [R-NH]

[Dems_R_Losers]

Note that Sen. McCain is the only original sponsor of this legislation who was not a member of the Banking Committee. He had nothing to gain politically by sponsoring this bill. He simply thought it was the right thing to do.

[incredulous joe]

Good stuff.

So, does Barack Obama ever plan to debate John McCain??

[Always Right]

I frist heard it yesterday on Hannity’s radio show.

I posted information about it here, but the mods did not think it was 'news' and threw it under the bus into the 'Your Opinions' category.

[GOPFlack]

From FR in 2005

http://www.freerepublic.com/focus/f-news/1451428/posts

[ljswisc]

Bookmark

[GOPFlack]

Obama’s Fannie/Freddie Cash in under 4 years, #2 in the Senate

Obama, Barack S IL D $126,349 $6,000 $120,349

McCain 21K over 19 years

[GOPFlack]

Another question: How much did the Fannie and Freddie Foundations give to Barrack’s organization when he was a “community organizer.”

[basil]

ping for later read.

[Spunky]

S. 190 Status: Dead

Do you know if the reason for it being dead is because it never came up for a vote?

[Always Right]

Do you know if the reason for it being dead is because it never came up for a vote?

There was no vote on it. I have seen accusations that the Dems blocked any vote on it, but nothing concrete on what exactly happened to this bill. It would be interesting if there were any Biden/Obama fingerprints on the blocking of this bill. Obviously Reid probably could have moved this to a vote if he wanted, but he ain't running.

[GOPFlack]

The mark up in Committee was so contentious that they knew it would never get a floor vote because the Dems would just filibuster

[sloop]

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